So - with regard to the hard money loan (disclaimer - this is all from podcasts / books and conversations with hard money borrowers - no actual experience so take it as is) -- hard money is typically, as advertised above, short term (6 months to 5 years in some cases from what I have heard/read).  

But you may find it helpful to get or borrow that book.

In addition to the obviously high borrowing rate of over 6%, what is up with the insurance costs?   

You could possibly borrow from a 401k, and include the payment to the 401k into your DTI (debt-to-income ratio).  

The lender sets the terms with the borrower and you take assignment of that loan by becoming the lender after the loan is created.  

If I understand correctly, you are considering two options - 1) pull money out of your dad's property via a HELOC or 2) borrow your dad's money at hard money rates?  

Sellers know that all kinds of things go wrong with deals involving borrowed funds. 

Anyone that would, may subject themselves to a litany of regulations regarding ability to pay, benefit to borrower, etc..

We don't have 20% to put down, I'm not interested in borrowing money from relatives, and I don't like the sound of zero down deals just yet.

I am looking to invest some of my profits this year in income generating real estate in South Florida.As I am new, I am limited in fund and borrowing ability.