I am looking to get a hard money loan to purchase and rehab, but don't want to hold the loan for 10 months and then start the rehab.

If you want to buy a TLC and do some renovations most of those states hold enough equity to buy, renovate and pull cash out in as little as 6-8 months.Heloc's are very tough to get on an investment property and you usually will only get a 60-65% Max CLTV.

Your deal was underwritten using a 5-year hold period, with a conservative average rental growth of 1.7% and  average expense growth of 5.8%.

It sounds like you are aiming to be a buy and hold investor, but I would recommend shoring up your investing strategy. 

The MLS has nothing but inflated prices, wholesalers are also inflating prices leaving only buy and hold as an exit strategy.

Hold periods need to be adjusted.  

Our Private investors will fund the remaining 10% of the purchase price, the first portion of the rehab (to be drawn later from the HML), and the holding costs.

But it is great for holding if your looking for longevity California City is a Retirement city but it has its attractions as well like silver saddle ranch that thousands of tourist go to every year from all parts of CA they just built the Best western hotel and its still standing.  

I was under contract for a 6 unit and had my core 4 laid out to BRRR and hold.

I was also thinking about holding meetings and meet ups to make this journey more fun.