And that depends on how you view the costs. 

One of my connections will fund the rehab for less and give it all to us on the upfront to finish the project at a lower cost.

Be mindful of short-term capital gains tax, as profits from flips held for less than a year are taxed as ordinary income, and frequent flipping may result in self-employment taxes.While profits from flips do not qualify for 1031 exchanges (since flips are considered inventory, not investment properties), you can minimize your tax burden by deducting allowable expenses like renovation costs, loan interest, and holding expenses.If you're considering diversifying into rentals, explore opportunities to benefit from long-term tax advantages such as depreciation and lower long-term capital gains rates.

If it were me, I would like consider refinancing only 1 of the 2 properties now and considering the second later in 2025 or even early 2026 when rates potentially soften.

Insurance cost for weather-related disasters is growing to a major concern in many of the southern markets.

Maybe 1500 other closing costs, so 6k total. 

To simplify the scenario I'm envisioning let me put it this way: what does a BRRRR look like when one of the parties contributing to the down payment and rehab costs ultimately ends up being the renter as well?

@Dana FurbySacramento is a great market to potentially flip.

Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers.

Can try to reposition to Class B, but neighborhood may impede these efforts.Vacancy Est: Historically 10%, but 15-20% should be used to also cover tenant nonpayment, eviction costs & damages.Tenant Pool: majority will have FICO scores of 560-620 (approaching 22% probability of default), many blemishes, but should have no evictions in last 2 years.