We then spent around $30,000 out of pocket on renovations, including repairing the roof, upgrading the electric panel, installing new HVAC, and putting in a new kitchen.After completing the work, we refinanced with LendingOne using a 30-year fixed-rate DSCR product at around 7%, which resulted in a net cash-out of approximately $15,000.A couple of things to note:I'm out of pocket on this property for around $40,000 ($25k down, $30k rehab, minus $15k recaptured).I'm thrilled with this amount since it's far less than our "normal" 25% down strategy would require based on the higher value.The property appraised for $330,000 after the renovations.The key point for me is that this property is now netting around $800/month in cash flow.

If they gave you the runaround and then we’re honest with you that’s a different story but they gambled by being honest with you knowing they might not be able to move in Because they have changed in their hearts and are no longer willing to deceive anyone.

The leasing fee depends on the agent but normally its around 70% of the 1st month rent.

Additional forms of ID, etc.In my experience, going after lost rent and repair expenses is normally a waste of time.

This is just the normal operating costs, never mind the big things that come up occasionally with capex like when you have to replace a major component (furnace, water heater, sewer line, driveway, steps, deck, windows, roof, doors, siding, landscaping, etc,) and it costs $10-20k.

Hard money normally can close more quickly than "regular" lenders. 

Nah, that's normal. 

I have a unique opportunity to take a family owned property that normally just sits and turn it into an STR.  

I always keep in mind a phrase I was taught "normal sells" Got it thanks!

Now as a Banker I understand you will have a shorter pay off but you also have to take into consideration market declines.If the market declines in any way or if your area suddenly gets hit with a higher than normal foreclosure/short sale values can drop.