The "private money", btw, is supposed to be Arnold's own money from one of his three "private equity firms."

Question: Should I collateralize the loan (if using private or hard money), or rely on roll-over loans (to maximize the lower points and 3-4% rate)?

Private Money Lenders (PML): More flexible, relationship-based funding with lower fees.

I do a lot of private lending and we do make some passive interest, but the good fixing flippers make the bulk of the money.

LouisReleasing Federal Land for private sale? 

You could put seller financing on second position and get financing for the first and do a 90% CLTV.I don't think any lender (unless private) will let you put nothing down.

An FHA 203(k) loan is definitely one route, but there are other ways to make it happen that might even work better depending on your situation:1.Private or Hard Money Loans: These could be a good option if you want flexibility.

Private (hard) money might help with renovation but will be pricey.

I happen to be looking for gap funders myself for a number of my house flip projects in Houston, TX and finding gap funders or any kind of private money involves a lot of networking and putting myself out there to meet potential lenders.

You won't have to worry about pesky things like private property rights.