[Calc Review] Help me analyze this deal

[Ryan Ward]

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I will be purchasing this property using a hard money loan that provides 90% of purchase +rehab cost. The cash flow using the 50% rule is negative but I am $0 out of pocket on this deal after the refinance. Am I calculating the acquisition correctly given that I will need $8,000 down plus $4,500closing cost? It's not clear because I am using the HML. Please advise!