Conventional Loan vs. Unsecured Loan vs. Hard Money Loan HELP!

[Kevin Pruitt]

Would love to get some feedback on this strategy I just did: 

Instead of waiting 30-45 days to secure a regular conventional loan to purchase my rental property, I decided to get an unsecured loan from the bank instead. Based on my credit, income, and a few documents I had to provide they were able to get me the money in 5 business days. Here is what the numbers came out to:

$50k unsecured loan at 8% interest from Huntington Bank Purchased property for $40k- used the remaining $10k for repairs (repairs should take max of 2 months) Rent house out after repairs are done for $900-$1,000 per month
  ARV of property is $60k 53rd Bank offers 90% LTV refi after 6 months seasoning and $195 processing fee at closing- Refi property for $54k on a 30yr mortgage at 5% Mortgage payment including taxes & insurance= $436/month Cashflow= $900 - $436 = $464 gross cash flow Remove 20% for cap ex/vacancy/other expenses (round up)= $100 Net Cash flow= $364 month With the 90%LTV refi I am able to get my initial $50k back from the unsecured loan plus $4k. That $4k goes towards my holding cost for the 2 months of repairs so I am able to get into the house with minimal out of my pocket at a much quicker pace than going conventional and/or paying higher fees and interest to a HML
Would love to hear some feedback on if this is a good strategy or not. Thanks!