I personally work with private money a ton in my development deals and most are in 2nd or 3rd position but have lots of equity and established relationships. 

Out of 15-20 deals/mo, we do 7-10 as rehabs still, so having one seamless place to work was vital.  

NO MONEY in those deals its all Risk and no reward.

I bought it off market at a great deal with a conventional mortgage as a primary residence with the plans to rent it after the 12 month period has passed so I can legally rent it.

Been dealing with this in Detroit for over 5 years.

What made you interested in investing in this type of deal?

i get cards, calls and texts every day from wholesalers for my little portfolio - so that shows you how much competition there is out there.it's also tough to do as a beginner in real estate, because the best wholesalers surface strong deals and know how to estimate a rehab.  

Or figure out how projects are developed and get one "most of the way" (land leased, site planned, permitted, power purchase agreement signed) and then sell the deal to a big developer.My perspective: My W2 for the last 8 years is environmental and development consulting for oil & gas, renewables generation, transmission, and commercial RE development.

What made you interested in investing in this type of deal?

However, if you can acquire using private money, renovate and then refi, you could be in a better equity situation and leave less money in the deal.