A portfolio loan is a more expensive rate with less favorable terms (ie shorter term with balloon payment).For a really creative solution and after drinking plenty of coffee, read this thread:https://www.biggerpockets.com/forums/48/topics/460294-how-to-cash-out-1-4-unit-property

These facts of raising private money gets overlooked a lot on BP in favor of the Rah Rah if you have a deal the $$$$ will rain down like manna from heaven. 

(BTW it was a turnkey property, neither of us brought money into the deal because the mortgage broker was a partner with the investor so they "Did us a favor".

With respect to what is an appropriate split (preferred return, 70/30, or 50/50), personally I believe everyone gets caught up in the percentage of the split verses the rate of the return.The reason many multi-family products have a high split or a preferred return in favor of the investor is they need that split in order to generate an attractive rate of return. 

We're in Raleigh and I can tell you that the zones here are not in favorable submarkets (obviously).

No favors, no freebies, etc. 

They typically loan to 80% of the ARV.You would have to negotiate out the terms (interest, points, term) but it could be more favorable than a bank REFI. 

There is always an opportunity to make or loose money in real estate so getting your very best negotiated deal puts the odds of making money supremely in your favor.

I'm a New Yorker and one of the reasons I invest at a distance, aside from the 2-3% deals, cost of entry etc.....Was the favorable landlord tenant laws.   

Terms are normally less favorable and, as stated, a balloon normally comes with it.