I'd find a new builder and have late build penalties. are you building all cash?

To be more specific about what i'm looking to do: My 1-2 year goal is to employ the BRRRR strategy with SFHs and Condos by buying distressed / highly undervalued properties that need work (preferably all-cash) in low crime areas with strong rental demand, renovate them within budget (again preferably all-cash) and get them rent ready before refinancing them at the highest ARV possible.

I would think the only way Feds come in and lock this down if they can prove that the investments noted in the offering were never made and that the sponsor just pocket the cash and used new cash to pay the old investors. 

Most Hard Money lenders may also require you to have the investment property under contract, in order for them to feel confident you won't try to sue them and you can pay them off either by selling or refinancing  the property you are using the cash out proceeds for.

Purchase price: $380,000 Cash invested: $135,000 Annual rental to be turned into STR when tenant vacates What made you interested in investing in this type of deal?

With retirement in five years, your focus should be on balancing cash flow, risk, and tax efficiency.

Strategies like living in a duplex or triplex, adding an ADU, or renting by the room can help maximize cash flow while leveraging FHA or VA loans for lower upfront costs.

Owning a duplex at 20 is a huge accomplishment, and it’s inspiring to see you’re already planning your next move.From my perspective, real estate investing is a long-term game focused on building equity, paying down debt, and maintaining stability over chasing short-term cash flow.

If your a cash basis taxpayer you can’t take the loss until realized.  

Refi into another bridge - if it's fully renovated it shouldn't be able to get 75% LTV and even cash out if you want, or you can do rate and term.