Need Help Evaluating a deal ...please!

[Bill Fleener]

We have located what should be a great opportunity, but the numbers aren't working for me the way I'd hoped using the BRRRR calculator. Am hoping that I can get some opinions as to whether or not this deal might make sense... The property is a 2 flat in a nice downtown area.... It is old but could be fixed up for $50-60k hopefully . Hope to purchase it for $230k ish and ARV would be close to $400k . Of course we need to use other peoples money, so I'm trying to figure out the best way to finance this. Thoughts? Hard money? Get a money partner and split the equity?

Total rent would be approx $2300/month.  Taxes are $6k.   I would like to refinance this for $280k (70% of 400k) after a year into a 30yr conventional loan.   Or, does it make more sense to fix it up and flip after we rent it out?  Thanks for your thoughts and your time!!