I've host monthly REI meetups via Biggerpockets and the local investor Facebook group that I run.

Lastly, have you tried running the #s to look at long-term appreciation on a unit like this vs. a Single-family or Multi-family property?

I run sum numbers for you please see comments below before refinancing and post refinancing .If I were in your position, I would approach it as follows:Initial Investment Assumptions: Market Value: $360,000 Purchase Price: $360,000 Equity: $0,000Financial Breakdown: Hard Money Loan (LTV 100%): $360,000 Interest Rate: 10% (30-Year Amortization) Monthly Payment: $1,995Upfront Costs: Origination fee (1%): $3,600 Closing Costs (3%): $10,800 Renovation Costs: $10,000 2 Month of Carrying Costs During Renovation: $5,390Total Upfront Required: $29,790Total Capital InvestmentPurchased price $360,000 Upfront Costs $29,790Total: $389,790To make this investment work, you need to rent the whole property for at least $3,165/month, refinance it let say after one year with 5% interest with a traditional mortgage.Year One Rent: Monthly Rent Income: $3,165 Monthly Rent Losses during renovations (2 Months): -$6,330 (-$527/month distributed over 12 months) Total Rent Income: $31,650 per year => $ 2,638 per monthMonthly Expenses: Hard Money Loan Payment (10% Interest): $1,995 / per month interest only Property Tax (Assuming $3,000/year): $250 per month Property Insurance (Assumption): $100 per month Utilities (Hydro, Gas, Water): $292 per month Assuming 0% Vacancy first year Assuming 0 % Repairs & Maintenance first year because unit has been recently renovated Total Monthly Expenses: $2,637Monthly Net Cash Flow: $1Post-Renovation Refinancing Strategy:So far, we’ve purchased the property, completed renovations, and rented it out.Next, you can approach the bank for a refinance to consolidate your initial investment of $29,790 plus your 360k debt into a mortgage.

Have them actually run the title.  

And of course find the project and run it through entitlements so I have something to contribute :)

Plus, given where rates are right now, I genuinely believe we're at or near a local peak.I expect rates will head lower soon, maybe revisiting 6% in the coming months.

Many people that I see trying to do it themselves are light lambs heading to slaughter.

This is one of the problems with housing in lower tier markets because on the surface they appear to be great value but capex makes it impossible in many cases to keep them up and running and therefore the cash flow from your spread sheet rarely translates to reality.

Refinancing both at the same time could save you money in the long run and streamline the process, as you'd only have to go through appraisals and closing costs once.HELOC vs.

You could consider wholesale also (but personally I hate those calls and the run around).