The duration of the project will drive how you structure the financing.  

Over the long duration that you are invested though, you will reap the long term benefits of being in the market, as historically it gains about 10% per year.

@James Williams 82,000 X 12% interest for HMoney = 9,840 divide by 12months of the year = 820 X 6 months for the duration of the loan = 4,920.

I'm playing the long game with this one, and I intend to rent for the duration of the mortgage (30 years).  

I've got about $200K cash, no preference in house type, it's just the numbers and the hold duration that count.ThanksDave

That said, if the private investor is experienced and simply providing financing,  s/he would have presented you with a set of terms (rate, duration, costs, etc).  

Then you can develop investor personas and really hone and refine your marketing campaigns to attract the best investor candidates for your product type, duration, etc. 

I think the person who suggested you consult an attorney is right although there is nothing they can do for you now other than advise you what you can and can’t do for the duration of the agreement’s effective period.

@Lisa Eckman My terms depend on the deal, location, duration, and most importantly on the asset we are funding. 

Is he just teaching you the business for a certain amount of time and money, or are you becoming business partners for the duration?