These self employed 2nd mtg's are typically based on alternative method of caluclation like profit and loss statements if you're self employed or the last 12 months of bank statement deposits using a formula to derive an income from these deposits (like 50% of all annual rolling 12 calendar month deposits X 50% /12 months = monthly income).

Are you estimating that building will be more profitable with the higher material prices and the added challenges of getting a certain type of financing together with the time constraints to minimize holding costs? 

Thus, you will have a higher profit margin.You will have added closing and holding costs when paying with Hard Money.

They do offer linked accounts, so maybe I'll go with a 3rd party bank that I can trust.I appreciate this concern, as we’re also looking to move to a bank that allows for multiple account to use David Richter’s Profit First method.

Focus on potential profit margins and market trends.Be Local: Understanding micro-markets within these neighborhoods can mean the difference between a good flip and a great one.Network: Partner with investor-friendly agents, contractors, and wholesalers who know how to find and secure off-market deals.Nashville's real estate market continues to thrive, and these neighborhoods are at the center of the action.

Myself, I would stay with the numbers in front of me that have proven to be profitable.

In the end I still made a profit and helped a new investor.

(this will help you keep your money)Profit First, by Michal Michalowitz (this will help you organize your money)The Millionaire Real Estate Investor by Gary Keller.

I'd plan to save any profits each month for future CapEx, repairs, vacancy until we had ~20K for this house set aside.

Access to financing, such as 90% of the purchase price, can significantly lower the entry barrier, but success still depends on having a well-thought-out plan for managing renovation costs, timelines, and potential risks to ensure a profitable outcome.