The house was purchased in cash with HELOC's on our primary residences, and the rehab was funded by a private investor (family member).

I find my deals through the seller by making them payments and private money.

They will only give you up to 75% or 80% of what you purchased the house for.If you are NOT doing any rehab and not trying to build your portfolio super quick, then use the delayed financing option assuming your interest on your HELOC is less than what you could get a private lenders interest for.If you are doing any work to the house, use a private lender or if the numbers make sense and you'll have enough equity (be careful, be 100% sure the appraisal will come back at what you think on the refi). 

@Benjamin RichardsAs was said by others,  interest on money borrowed for an investment deal is deductible.Also, money borrowed from a relative is not "hard money", it is private money.

I think as of now my best solution is private money, but thats my question.

Hi, @Lauren Billups.If you send me a private message I can introduce you to Walker Huey who has a brokerage that specializes in farm land in West TN.

Hi Justin, I work in the area doing remodels and new construction for investors and private clients as well.

@Stephen Gimber,I'll add this to Joe's sage advice:Learn about private money.Now understand - there are hard-money lenders who call themselves private lenders.

My suggestion would be to either buy some easily rentable single families NEAR you or invest as a private lender to other investors (that have the time). 

In retrospect, it would have been easier to refiance using private/hard money even though I would pay a little more for it.