I can probably help you I have done a lot of private deals and I don't pay taxes. 

I have been in many properties where private pay people rented and trashed the place. 

We see it all the time with the conversations on what cars/vehicles folks drive :) here in BP there is a badge of honor to drive a 20 year old 250k mile car/truck :) Myself I saw my dad do some of this although he never got to the utra wealthy stage by a long shot but made good money in RE however it was not until he bought old style timeshare in Maui that he would finally take a vacation..

having been around this bizz for decades now on the private lending side I will tell you many to most private lenders started in the mom and pop rental bizz tire of it and switch to be the bank.. and right now wih rates up there return would be quite handsome .. but you do need to use caution..

If the area can support new construction, determine the best style, size, and type of new build for that area.3.

Try looking for lower priced mobile homes on private property that need to be moved. 

This being said, I don't believe we'll be able to meet the income requirements to qualify for a conventional.This leads me to believe hard money or private lender is more the only option to get my foot in the door, use my business to make repairs at very good rates, build some equity then refi once the balloon is due. 

I sent you a private message.

From what I’ve heard, private lenders or small groups often jump at projects like this when presented with clear ROI.

@Ji Yang, I advise reading articles by @Ian Ippolito (also in BiggerPockets) online (google him) about how to vet sponsers and what to look at in a private placement memorandum.