And if I get 24 months interest only payment on the private money loan, 2 years from now I should be able to refinance the loan into a conventional one, given that I'm getting a good deal on my property.

Possibly.Best to consult a professional who can have a conversation with you about these issues.

If so, I'm not sure the banks will offer a cash out refi on one particular property (to pay off the private loans) if they see you still have multiple other mortgages out there???

I’m looking for private money lenders, willing to work with newbies.

Market to private home sellers. 

Above all, I referred  my private lender on this project for her to get a good deal on the lending as well.

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I have conversed with his partner in the past and can attest that they are good people and have learned a lot through their experiences.

Becuase there is a cost for even using your own money or private money, you can actually offer the seller more if its cheaper to do subject to, and give that extra to the seller.

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