Eventually you may be able to find a commercial lender that will loan purchase and construction costs up to 75-80% of ARV and you can eliminate a few of those steps.

That way, it is not debt with a payment attached to it.

I also have no W2 and possibly one of the highest debt to income ratios in the country.

Refinancing does not create a taxable event since it's debt. 

Like I said, I know I have ALOT to learn, but I'm positioning to scale as quickly as possible while still being mindful of my loan to debt, and not overleverage myself. 

Offer debt positions as well as debt and equity.

@Javier Esquivel holding or selling would depend on what the property would rent for, what type of debt can be placed on the property and at what cost..Let's look at the numbers.value $117K75% ARV $87,500(Assuming this is lenders LTVRepairs $35Kall in after purchase is $68K(Depending on closing costs etc...)If the property would rent for a minimum $1400 I would hold as the property will cash flow and I would have the ability to take out all of my initial investment after lenders seasoning period.Delay finance at $75K @ 6% 30Yr Am P/I($500)\cash flow $200 per month at 50% expense ratioyou'll have $0 money into the deal with cash flow and around $42K in equity.This would be a no brainer hold for me.All the best!

Operating expenses are EVERY cost associated with running the property other than debt service.

Debt coverage is above 1.5.

It was a 50,000 sqft building that was made up mostly of NYS government tenants.Here are the details on the acquisition:$2.75 Million Purchase$2.20 Million in debt sourced through a local community bank.We had to raise $750,000 to cover down payment, closing costs, some operating cash, and some cash set aside for tenant improvements.