I also don't want refinancing risk, so any deals with only 3 to 5 year debt are out for me.

To succeed with the BRRRR strategy, focus on buying properties at a discount, work with trusted contractors, and plan for refinancing timelines.

You might also explore the possibility of refinancing the ranch and using that for down payments on other properties - which I'm some others might label as too crazy.

This makes targeting distressed sellers, such as those in pre-foreclosure, or those with ballooning debt that was taken out in 2020-2021 when the interest rate was 7.37x lower (8/09/2020 the 10-year treasury was .56%, 1/15/2024 the 10-year treasury is 4.69%) making it very difficult for those that underwrote the property in 2020 to have predicted refinancing at these rates and likely a sale is their only option.

Once refinanced the property will be stabilized but still may see slow/low distributions because of cap rates and interest rates.

My borrower is refinancing the loan to hold the property (BRRRR) and I'm wondering if the new lender will have any concerns with this policy. 

Adding value to a property and then either selling or refinancing to pull your capital out is a solid way to build momentum, especially if you're okay breaking even on rental income.

@Christopher Reid I just refinanced my 4-plex.

I helped with the rehab of a triplex in Cicero, north of Syracuse, and the investor refinanced at an ARV of 250k (in 2020).

In the Houston and Katy markets, prioritize cash-flowing properties that can withstand current high interest rates, and plan to scale by reinvesting cash flow or refinancing when rates drop.