Nick on the other hand, is searching for a deal in Albuquerque with a business partner/private money lender.

Put yourself in my shoes, how would you go about this list of private money lenders, knowing that's all you have available at the moment?

Open a HELOC to access remaining equity (80% LTV), and re-invest on other assets (out of state properties, private lending, etc)In the end, you have an asset like other people mentioned above, that will continue to appreciate in the long run, and you have access to the equity to reinvest and make more profit. 

Looking at the numbers, we could pay the private money lender back in 30 months (possibly 24 months)--is that too long?

Any book recommendations that’ elaborates on different loans when financing a home?

@Jason Bott can you private msg, in need of investigation my insurance options.

This (potential liability) is one of the reasons why I prefer to be the bank (private lender) rather than landlord. 

This sounds like a dumb question but in private lending, generally, is the % rate annual or for the length of the short term loan?

Their credit check revealed a low credit score which I will accept with double the security deposit.

If you message me privately, I'd be glad to send you our core MTM rental agreement.