I am using private money and am trying to determine is this a good deal.

And the conversation carried and luckily the broker was much much more polite in person and apologize for her story to the class.I met the broker, the agent, and the CL100 inspector this morning, and I think we have them back to a good place. 

Mine is a garage conversion, which is being converted to 350 sq feet of living space. 

Decided to get a conversation going on the opportunities for downtown development. 

So I reached out to a hard money lender and a private lender but there taking forever to get back to me and I need to have a offer /proof of funds by next Monday.

He's sent us deals, introduced us to people, offered advice, and has even offered to guide us if we want to get into private lending (I would love to eventually).

Im going to make an assumption and assume that you mean you want to get into private money lending.

Using private money about 17k cost and looking to take 50k out after refi.

If you make passive investment such as private loan - there would not be any issues with UBIT, all income will be sheltered from taxes.

Here are some recommendations for you:Read Beginner’s Guide: http://www.biggerpockets.com/real-estate-investingCheck out BP Podcasts: https://www.biggerpockets.com/podcastIf you wish to tag someone in the conversation on the forum, type @ followed by their name and then select the name of that person which should appear below the comments box.