This becomes especially critical in the current environment where you can earn 5% on your money easily and aren't tying up cash until the project is completed.2.

Count your own money and forget about theirs. 

I am trying to raise money from Friends and Family for putting together the down payment needs.

Yes, you may lose some established snow birds by changing terms and prices, but if you are losing money you are better off without them.

I am also an investor that does flips, has rentals, lend my own money, has owned STR and have been a member of the local REIA for over 10 years, So hopefully my experience and network of other investors could prove useful in evaluating the potential of the property and possibly attract a partner if you need. 

The short term and balloon payments that seem to come with hard money are pretty intimidating.

Please be careful, at higher amounts leveraged, the carrying costs/time value of money can eat you alive if you have any hiccups in your project. 

Wholesalers have such a bad reputation because many just go on mls, low ball offers and try and wholesale a deal on the MLS, or will get a deal from another wholesaler and mark it up and the investor has seen it from the original wholesaler and 3 other daisy chains.Key is to find your own deals, analyze them, and know the numbers to assist in finding deals for others and make some money.

These teams have clear underwriting showing them how much money they will make on a deal.

If you do not already own your primary residence, then it will be easier for you to get a loan with low to no money down with a better rate for that then it would be for another property.