So I reached out to a hard money lender and a private lender but there taking forever to get back to me and I need to have a offer /proof of funds by next Monday.

He's sent us deals, introduced us to people, offered advice, and has even offered to guide us if we want to get into private lending (I would love to eventually).

Im going to make an assumption and assume that you mean you want to get into private money lending.

Using private money about 17k cost and looking to take 50k out after refi.

If you make passive investment such as private loan - there would not be any issues with UBIT, all income will be sheltered from taxes.

I would have to spend roughly 5k to get it ready to rent after that and then would refinance it to a conventional 30 year mortgage with 20% down.

I have someone in mind that could make a great potential private investor.

I would recommend you make the offer YOU are comfortable making, and instruct your agent to add an escalation clause up to an amount YOU are comfortable spending, including higher than asking price.  

I am also planning to likely do a flip to see how it goes as I have already built some relationships with local wholesalers and have a private lender or 2 lined up for once I land a good deal. 

Also, joined Roofstock family, as well as Homeunion, and I was convinced that SF homes would be the best option, but after spending some time on your forum, I think multiplex units are better for a first timer like myself.