I run sum numbers for you please see comments below before refinancing and post refinancing .If I were in your position, I would approach it as follows:Initial Investment Assumptions: Market Value: $360,000 Purchase Price: $360,000 Equity: $0,000Financial Breakdown: Hard Money Loan (LTV 100%): $360,000 Interest Rate: 10% (30-Year Amortization) Monthly Payment: $1,995Upfront Costs: Origination fee (1%): $3,600 Closing Costs (3%): $10,800 Renovation Costs: $10,000 2 Month of Carrying Costs During Renovation: $5,390Total Upfront Required: $29,790Total Capital InvestmentPurchased price $360,000 Upfront Costs $29,790Total: $389,790To make this investment work, you need to rent the whole property for at least $3,165/month, refinance it let say after one year with 5% interest with a traditional mortgage.Year One Rent: Monthly Rent Income: $3,165 Monthly Rent Losses during renovations (2 Months): -$6,330 (-$527/month distributed over 12 months) Total Rent Income: $31,650 per year => $ 2,638 per monthMonthly Expenses: Hard Money Loan Payment (10% Interest): $1,995 / per month interest only Property Tax (Assuming $3,000/year): $250 per month Property Insurance (Assumption): $100 per month Utilities (Hydro, Gas, Water): $292 per month Assuming 0% Vacancy first year Assuming 0 % Repairs & Maintenance first year because unit has been recently renovated Total Monthly Expenses: $2,637Monthly Net Cash Flow: $1Post-Renovation Refinancing Strategy:So far, we’ve purchased the property, completed renovations, and rented it out.Next, you can approach the bank for a refinance to consolidate your initial investment of $29,790 plus your 360k debt into a mortgage.

Totally disagree with Mr.

You can totally do this, work with a realtor or PM and pay them a flat fee for helping turn the property / show the unit.

@Jason Malabute I totally agree! 

These sellers hand you the keys and stay out of the way until its time to sign a contract. 

You should require the first month's rent paid in full before handing them the keys.Start the eviction process.

I think the SEC would like to know about his participation with Norada and the current situation at hand.

This sounds like a terrible deal, but not much info in hand.

that was not a method that Armando taught in the seminars I attended these were strickly how to find BRRR props and rehab them and then resell or refi and keep.. the Markets we worked were Vegas and Orlando and Frankly those investors who actually bought property doubled their money or more with the deals i funded for them and they bought on their own it was 2011 to 2013 which as we know was a prime buying time and had to hand it to Armando he picked two of the best Markets.. 

I thought it might be looked at as a 2 bedroom if college kids use it to split the rent or something.On the other hand.