Meanwhile, you obtain a loan from a private lender that the dealer will introduce you to.

(He actually borrowed 130k from private lender) So 160k in and 200k minus cost to sell so 185k out.

Either you sell at a higher price and give him the controlling unit or somebody else sells and you're left holding the bag.This guy wants the whole building to take it private and convert to apartments.Somebody else will stand in his way and prevent that, but their life will be miserable. 

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Those typically yield the highest conversion rates.

I've got the feeling that that there is a distinction between hard money lenders and private money lenders.    

I only have one private money investor who invested once, and I've been BRRRing with that money to get this far. 

If you don’t have to rely on the 401k funds, consider doing a Roth conversion ladder (search mad fientist Roth conversion).

We have been investing in that area for the last 7 years and I have talked to a lot of UNT student that live even in the Corinth, Lake Dallas, Cross Roads, Little Elm area.UNT housing authority (can't reca the dept name at the moment) is actually on record as renting out local private housing to supplement its dorms...the net effect of that could be considered close to rent control...a situation that we originally considered but backed off after looking at the economic growth around the campus and true demographic we wanted to target.

Property is just under 1400sq ft, 3 bedroom 1.5 bathrooms.Needs-new kitchen-1.5 to 1.75 bathroom conversion.