Delays, unforeseen repairs, and underestimating budget up front are all much more dangerous occurrences once a gap lender is involved. 

Finding it through your Facebook sphere shows the power of networking, and keeping the rehab cosmetic was a smart way to minimize risk and maximize profit.One thought: Have you factored in holding costs, loan interest, and potential market fluctuations during the 45 days?

The loan is 12 months, pulls twice a month, the interest is minimal because I'm paying it off so fast. 

A common delay tactic is to call the board of health on a problem the tenant created themselves.

You didn't find the property, you're not doing the rehab work, in fact are going to delay and interfere with the rehab by moving in while it's still under way.

Ok, that could be as minimal as literally hours per year, like <10 per property.

You've got to remember the home has already been through numerous inspections prior to delivery, so the time it takes to finish is minimal.  

I'm concerned that the delay is because of the holidays and I wont' be able to get the tenant out until the beginning of 2025. 

A good deal won’t matter if your contractor delays the timeline, eating into profits through holding costs.

I recently opened a HELOC and I recall it's at prime for the first year (7.5% currently), and I only paid minimal closing costs.PML or HML I would expect rates >10%, plus points, possible prepayment penalties etc.