New construction Brrr

[Simone Nicholas]

I am trying to determine if the purchase of this house is a good deal for tear down and new duplex construction numbers are 105k for house $225k for renovations. ARV $450k. Using private money about 17k cost and looking to take 50k out after refi. Cash flow approx $538 a month. So a couple of questions. Will I find a lender to refi with 18% equity left. 2 Don't understand the 2% rule my calculations shows 1.02% and lastly 3. Do I have to hold 6 months in total or after renovation before refi. Thanks for all the help. First time using private money.