@Daniel Weber,I recently bought a condo in downtown Chicago as my primary residence, as much as I'd love to house hack I'm not looking to move just yet. 

If your father is going to occupied this property as primary residence that will be consider as primary residence. 

I have a rental that was originally my primary residence.

The primary lender told them that if/when they get the house under contract, the foreclosure date can be pended.

By financing the construction, you lower your out of pocket cash outlay.Thanks for the advice, I plan on using cash to finance to property, then using my primary residence HELOC to fund the rehab costs.  

I've read the law and am not able to interpret it clearly, so I'm giving the scenario in hopes for a clearer answer/explanation. 

Hello all,I’ve been reading many articles and posts about second tier entitlement, what isn’t clarified are the reasons on why your leaving your primary residence with a va loan to jump into another va loan.

I don’t have much in reserves but have good equity in the rental and in my primary.

To get more passive monthly cash flow is my primary goal.

I'm too am new to the financing portion of REI but to answer your question the primary difference between hard money and private money is that private money tends to come from people you know while hard money comes from people who you do not know, but who are not banks.