B) I don't have to give the contractor any money upfront for anything.3.

Quote from @Victor Patel: I recently invested $60K with a local hard money lender who has been established in the area for decades.

It’s the same thing except it’s done in the name of the IRA and all the money comes out of the IRA and returns go back into the IRA. 

You would borrow against the equity at 7% or more, then use the money to pay off a credit card?

You need a firm estimate for the remainder of the work as your funds are limited (like most people who don't have an endless amount of money). 

This will cost you a lot of money and time.

What key factors influence your decision to partner with a lender for private money in real estate?

Quote from @Carlyn Chism:I agree with Chris on a lender that might be a scam or make you may so much money interest because of the low credit score that you make $1.00 on the flip or no money.  

There's a self-proclaimed Section 8 guru online who claims he hires random property managers through this website called Thumbtack.

I have a couple JV deals that are complete trash and also they are now asking me for money.