Private money / hard money can be very expensive and if your floating around 1%, chances are the deal won’t be profitable with such a small margin.

I have a private "lender" who in the past has floated me the money until I get my check but since moving out of state, this becomes more difficult as we need to do wire transfers etc...My question.

While I've never done it, it seems to me like the wholesalers are kind of like consignment shops for real estate (ducking to avoid someone throwing a microwave at me).Since it seems like you're in it, any chance you can hold it for a while and allow the rental income to float you, until you find a buyer? 

People get into trouble when they over-leverage and don't have enough cash on hand to float those expenses.Does all that make sense?

There's enough personal liquid capital floating around to cover any costs and reimburse from cash-flow if necessary.

I think (but not sure) that it is more common for a HELOC's rate to just float with no lock period.

TBH, 0 down doesn't really float anymore especially if you're new (Sorry to all the gurus).

With the amount of money floating around now, it would be hard to toss a rock into any of these and not hit a legitimate lender with whom you can have a real conversation.

Maybe your contractor is talking about laminate flooring as that type of flooring does require a underlayment for the floor to float. 

My parents are willing to loan 25k which should cover a down payment and closing costs on a 300-350k property, and between my gf and I, our salaries and LOC's should be able to float the reno costs.