He said with a year lease, there's a deadline to make a decision - stay or go?

Margin is too tight on the flip for my liking.

But you have to go through the paperwork, and there are deadlines.

Say the go for a refi, and get 70-75% of the ARV, now you're getting $140-150,000 back out, which you'll use to pay off the original Hard Money Loan.I'm making this scenario look pretty, tight, and nice for the sake of ease, but that's the gist.There are points, fees, interest payments, etc along the way.But regardless of where you live, whether you own a home, or even have a job, if you can come to the table with a good deal, that fits the lenders numbers/expectations, and you have the financial capacity to do the loan, the loan you will do...

If you are not managing your properties you should be tightly managing your PM.If you believe real estate is a arm chair investment by all means hire a PM...and good luck.

Sit down with them and try to understand fully what services they are providing you with.Another question to ask is how many guys they will have on the job, and if they can guarantee completion during the time you need it since you have a tight timeline. 

That cash flow seems pretty tight for such a large structure.  

It is a pretty small tight knit group working the area.

It sounds good, I know its bad, I know it holds legal issues...who has done it, would they do it again on a tight schedule?

BRRR relies on leverage, so you need to be sure your rent won't drop below your debt service coverage. if you also have no equity, you're in a TIGHT spot with no movement. the real trouble with crashes isn't just that your business might take a wack, it's all the stuff that happens around you.