Also, I’m pretty new to this but I’m assuming you’d have to have an LLC in place to accept hard money or money from private lenders? 

Instead I want to take advantage of the opportunity I have of living rent free to invest my time and money in STR's to hopefully build that portfolio up and eventually make that my main source of income (I understand that will take time).

I would focus on saving enough money that if I had a deal go bad, then that money I saved was there to cover it. 

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

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

If you have access to some money you can increase your equity in one jump.

@Yooni Choi managing from out of state (OOS) with ZERO previous landlord experience - probably won't go well.You WILL make a lot of mistakes that will cost you money.

Even less if splitting the lots costs any real money. 

I've never had to use hard money before, so I am not sure what type of conditions are reasonable.

I’m interested in using hard money for a BRRRR or flip project, and I’d like to take the first steps toward making this a reality.