BRRR Financing and vendor questions

[Sterling Pompey]

Hello All,

I'm looking to buy my second investment property as a BRRR in 2025. It's going to be a 3-4 Unit Multifamily between $450k and $550k. I'm planning to use other people's money for the down payment, a 203K loan to buy and finance the flip, then cash out refinance out into a regular conventional mortgage and repay my private investors.

A few questions:
Am I taking the right approach to financing this project? Should I be using OPM for more than just the down payment?

Does anyone have any 203k friendly contractors in the Chicagoland area?