Do you have what's app?

You also can get rates lower than 6.50% right now and you can also elect to take a 40 year or I/O interest Only for the first -3 years to help maximize the initial cash flow.

I tried one briefly to try to simplify electronic payments but my tenants balked at sending money through an App they didn’t know.

@Jay Hurst I thought Freddie had actually chamged their guidelines to finance MFR with a single ADU...https://guide.freddiemac.com/app/guide/section/5601.2

You do not need a 5 year prepay in most cases for a lower rate, use a 'Seller credit" to buy it down or look at a 3/1, 5/1 or 7/1 ARM even I/O interest only to help increase initial cash flow. 

Yes, private money can be a strong alternative if you treat it like a business: protect the lender with clear docs (note, lien, insurance), match term to your plan (short I/O for BRRRR, longer if holding), and price it so the deal still cash flows after all costs.

Your comment "Compensation wise, it's pretty much a guaranteed 6 figure salary as long as you put in the work"You didn't mention the loans that fall apart at the last minute because of a "family" emergency with the buyer or with the seller for that matter, an appraisal that came in low, can't clear an item on title, job loss, oops that information was actually false on the loan app, and a myriad of other occurrences you don't control.

Document your hours as you go, either in a simple spreadsheet, with detailed notes, or using an app that timestamps entries to show they were not created retroactively. 

"Create a property management Lease Tracker App"2.

Just to say, I haven't experienced any challenges with them but I do find that their software glitches often (when I go into their app or on the website) - I get loading issues and all sorts of other challenges.