Loan administration can have a huge impact on how much cash is required to advance projects.

Thank you  Using a LOC on your primary residence can work well for flips if the terms are favorable and you’re confident in managing projects efficiently.

Related, you will want a contractor who is used to doing projects like this on schedule and on budget.

Real estate's "gross rent multiplier" is Wall Street's "sales to revenue",  "cap rate" is roughly "P/E ratio".When evaluating markets and investments I tend to start with GRM (or lazily the 1% rule), then attempt to return a cap rate based on assumptions about costs, then I work my way to multiple years of projections (assumptions about inflation, amortization, tax benefits, etc), and if I am partnering with one of my smart friends I have to pull up an IRR (internal rate of return).I also look at regional employment levels, median income to rent ratio in the zip code etc. 

Most turnkey companies proforma does not tell the complete story and that is why is called "PROFORMA" OR "PROJECTION", they don't account for the true vacancy, leasing fees, holding costs, and Headache factors that come with a Class C and D properties and neighborhoods.Hopefully, they can help you get to 100% occupancy and sell the property so that you can re-invest in a better neighborhood and relatively newer property like 2020 or newer if is possible in that market, or just go to another market you understand better or have some kind of connection with.All the best and keep us posted on your progress.

Once you've gained enough experience, you can transition to more BRRRR projects.

I've had people work with me or invest in my projects because I can show a proven track record.  

I do most of the putting out fires, hiring handyman, bribing people to not leave a bad review because they saw dust on a ceiling fan blade (lol). 

I love house-hacking for Tampa Bay for a few main reasons: 1) great long-term outlook on appreciation; fundamentally strong market and growth projections, 2) diverse opportunities of house-hacks from luxury house hacks, cheap house hacks, room by room, STR, MTR, etc. 

@Kevin SobiloEach month the Department is required by State law to compute and announce the ceiling rate on residential mortgages in this Commonwealth.