I own more units than qualifies for the exception and I don't live in any of my rental properties.2) 3x rent is illegal in Colorado now. 

Well I own about 19 properties that I bought as a tax liens and now they are all rentals.

With rents being inflated in this area I would rather paydown my own mortgage than someone else's.  

Fortunately we are all afforded our own opionion

If you don't currently own a primary, househacking is where I'd start.

The current equity in the property is around ~$70k and I have invested ~$46k of my own money (down payment + repairs/bills, etc.) thus far.

We own a 7 unit apartment building at the beach and would like to replace our present bank loan with private funding of some type. 

I own 5 homes there. 

I do not have much of my own capital to use to purchase a property and was recently given the advice to either utilize private money to purchase a property or do a few home flips to build my own capital.Does anybody have any advice and/or experience starting out with either of these two methods?

I still own the home.