Wholesale and hard money

[Maddy Lakshmanan]

i’m considering this strategy to increase my real estate portfolio

1. - Looking to buy properties from wholesale sellers 

2: - Use hard money to buy SFR/townhome and I'm looking to put 15%. The hard money lender is offering 10.99% with 1 origination point

3. - refinance in 6 months

4. Rent for positive cash flow

I’ve never done this strategy before . I would appreciate what are some of the hidden challenges and land mines I should be aware in this strategy 

Thanks in advance