Connecting with them directly will help you get a better sense of voucher amounts, inspection standards, and timelines.

I know with a hard money lender, you lost good amount of profit. 

I would find a property that can provide you both.I used to aim for 8% cash on cash return + 4% appreciationGiven where the market is now, it is likely hard to find 8% cash-on cash and a 4% appreciation.I think 4% cash-on cash and 4% appreciation is do-able.

McKinney and Princeton have been growing a lot and it is a good place to invest, but it is always related to what you are looking to achieve in a rental investment, appreciation or cash flow.At this time that area does not offer a big cash flow and due to the amount of development going on there, rental demand has declined a bit.In any case you have to make an analysis case by case.

@Steven Catudalthe 'no cash flow on a BRRRR' is typically just because you are boosting the ARV and then taking out the maximum amount you can on the refinance, often using a DSCR loan with a higher rate. 

The property will cash flow $500/mo or more after all expenses and cap ex reserves, as well as the payment on the SBLOC.

Purchase price: $294,500 Cash invested: $144,000 This was my first commercial MF and off market deal.

What I mean is, some investors look strictly at cash on cash return, some look at cap rate, others just want to make sure their mortgage is covered.

We bought it in cash with 9 investors for a total of 970k contributed.  

For anyone that is looking at developing or purchasing an STR in Packwood, WA I would take a peek at the numbers that are on the rental sites and the amount of bookings.