Raising through debt-investor funds?

[Jonathan Olivares]

While raising capital through debt investors, rather than equity-investors, for a down payment on an apartment complex. What would be a reasonable interest rate for a debt investor? (Assuming that the property performs well and I'm not reaping the cash flow benefits for a while to pay interest rates.) after a couple years of the balance being paid down, and an increase on NOI, increasing the property's value then cash out refinance my debt investors out of the deal. Now I own 100% of the equity. Now in order for this strategy to work I need to have a good value add deal, and give up cash flow benefits for a couple years to pay high interest rates, because my investors don't have the property as collateral.