If you can make me believe your vision makes $, and that your the guy to pull it off, I'm handing you $ in proportion to what my reward can be for it, and how certain I believe you can deliver on it.  

If you were able to increase the value of the property significantly after the rehab, then you could bring the deal to a community bank  to refinance and take the hard money lender out.You keep all the equity and don’t have to file a partnership return for your annual tax return, which can be costly.  

Explain.I really like this question for discussion Venice, but one very major factor left off is at what risk exposure. 

Can it be wrapped up by the end of the week? 

You can do a lot off of spreadsheets in the beginning, but eventually you need automation. 

Unless you are finding off-market opportunities direct to seller, I can't imagine the deals working on BRRRR.

You might have other options to explore to drum up liquidity (HELOC, Margin Loan, Policy Loan, etc) that can supplement your HYSA in the DP.

This could be too much to bite off as a beginner.

we ran into this in FLA  a few years back when I had 4 starts and I exited that market.. permits  sub base all pretty tough for someone who is not there and already knows the systems hands down and has a devoted loyal sub base.. thats the key in my mind.

Do you have experience and know the cycles of your market so you know the best price?