Here is what is being considered:SCENARIO 1):1) Parents loan us money at X% rate.2) Loan terms would allow for early payment without penalty (we would get a conventional loan in 2-5 years to pay parents back). 

So saving money and improving your credit will help now and down the road.

Money order?

In this event you will be able to purchase the property for less money now and refinance at a lower rate when interest rates drop, making your deal that much better!

The reps i've spoke to say it's a private money lender but I just want to make sure they're a legitimate company.

We would use hard money and close very quickly.

You're losing money every day (which you can go after the tenants for). 

Here is what is being considered:SCENARIO 1):1) Parents loan us money at X% rate.2) Loan terms would allow for early payment without penalty (we would get a conventional loan in 2-5 years to pay parents back).

I don't know of any mortgages where you can put no money down. 

Just because you buy something for $350K and renovate it and put money into it doesn’t necessarily mean that you will be able to get a much higher value on a BRRRR strategy if none of the other units in your development or area will comp out.