Even if I pull out just enough to cover the interest from the HML, the cashflow will still be very low on the properties I ran the numbers on so far. 

The home has been occupied by tenants for the last several years.I would plan to have the underside of the roof painted in the attic to cover up the black coloring.

A contingency in this case means setting aside extra funds to cover any unexpected cost increases during construction.

The lender assesses whether the rental income is sufficient to cover the loan payments.

Here are the variables you'll need:ARV (After Repair Value)Estimated Repairs (add a 10% contingency)Estimated RentPurchase PriceEstimated PITI (Principal, Interest, Taxes, and Insurance) on the refinance sideIf you know these values and ensure that your all-in cost (purchase price plus repairs) is 75% or less of the ARV, and that your rent will cover PITI + vacancy + maintenance + property management, then it's a deal worth pursuing.The BRRRR model is a fantastic way to build a portfolio and is still very feasible—even in 2024.If you're interested in more info, feel free to shoot me a DM—we can connect, and I'd be happy to assist you.

We utilized our capital to cover the purchase cost, ensuring a smooth and expedited transaction.

July 1 to Aug 15 STR revenue will cover the mortgage for the year provided that we spend that time staying with family and/or on a low-ish budget vacation.I'm not suggesting you move to this forgotten corner of the country, but look at a solid vacation rental market.

We had major problems with Airbnb and VRBO not covering damages to the home after many phone calls and being on hold for hours switching back and forth to many different people.

ADUs can provide additional rental income, which can help offset mortgage payments or other expenses.Extend your homeowner's insurance to cover the ADU.Be prepared for potential increases in property taxes due to the added living space.Given that your property is not in a dense urban area, make sure to check specific local regulations as they may differ from city regulations.

Do you think you're going to be covered if the 3rd tenant starts a fire and burns the place down?