1031 BRRRR Financing Structure

[Todd Fuller]

Hey everyone, looking for advice/options for structuring a deal. I'm sitting on $160k in a 1031 that I need to reinvest, I've identified a property but need help with how to structure the rehab loan and refi to pull cash back out. Planning to BRRRR the

Purchase Price: $400k (4 unit, quadplex currently occupied)

Rehab: $60k

ARV: $525k

Must invest $160k cash (1031)

Would refi asap after rehab.

Est rehab time: My initial thought is to rehab each unit as they become available (end of the lease). OR if leases expire close to one another I would rehab all at once to avoid disturbing existing tenants. I'm estimating 15-30 days per rehab (2/1 900sqft units)

Am I best off using the $160k (1031) as a down payment or do/can I reserve $60k for the rehab budget? Or is there another option?

Thanks,

Todd