I just bought a flip now for 70% ARV NOT minus repairs.

The fees and overall costs of these loans needs to be a key factor including what if the project goes over time . . . . you can be underwater in no time.Underestimating repair costs and overestimating ARVs based on Zestimates are the next stumbling block.There's money to be made but make sure numbers all work WITH contingencies defined and overages expected . . . remember, a project will always cost more and take longer than initially thought!

Property management is remote so far, however I only need assistance with handing over Keys to tenants, handling repair requests and doing walk throughs at the end of the lease. 

(This assumes you have a credit card available to pay for any repairs.).

Here's the deal:Purchase Price (PP): $95kRenovation Budget (via HML): $60kTotal All-In Cost: $155kARV (After Repair Value): Around $200kRefinance (via DSCR Loan): 7% interest, 30-year fixedRefinance Details: After the refi, I will pay back the Hard Money Loan (HML) at 11.95% with 3 points:HML: $60,000Interest/fees: $3,585Other costs: $1,800Total to pay back HML: $65,385After the refi, I will have $84,615 left in cash.Cash Flow & Expenses:Expected Rent Income: $1,700/monthProperty Management (PM): $126/monthInsurance: $100/monthTaxes: $126/monthMortgage: $1,043.75/monthTotal Expenses: $1,395.75/monthSo my monthly cash flow is about:$1,700 - $1,395.75 = $304.25/month in cash flow.Return on Investment:Cash Invested After Refi: About $18,385 (after paying off HML and closing costs).Annual Cash Flow: $304.25 * 12 = $3,651Cash-on-Cash Return (CoC): $3,651 / $18,385 = 19.8%I didn’t account for maintenance costs since it’s a full gut rehab, and everything is brand new.

In my area a house call for locksmith is going to cost $75-100 just to walk in the door, so $135 all in is not that big a deal.Not a hill I want to die on....... use it as a learning moment for the tenant- ALL repairs need to be approved by you BEFORE they are done.

First thing I noticed was the 4 testimonials online in videos never tell you what the deal was, Not how much offered, not how much repair, not what ARV, just a bunch of scripted, formatted empty gratitude.

The long-term moves are to get a concession to buy down the rate for good (not a 2-1 or 3-1 buy down), it's a smaller number (i.e. .25% or .5% decrease on the rate), and getting their full closing costs covered is money out of their pocket today they'll be saving that could be huge to give the buyer more money for repairs and/or furniture along with just life expenses. 

If you are all in $200k into a property  and it is worth $350,000 after repairs, then you should be able to receive all of your initial cost on a refinance using the new appraised value. 

Sympathize with them, and try to help them get out of their current situation.Have accurate numbersALWAYS have an accurate ARV(after repaired value) on a property, and ALWAYS have accurate repair costs.