The back-up plan is to simply flip the property and take the cash out now for the next project.The Project (2 unit Multi-Family):Acquisition/rehabLand Acquisition:     275k (I'd use my cash to buy)Hard Money Loan:  100k (I might use my home equity line at 4% APR over 20)ARV:                           465k (This is my best assumption based on other comps)Refinance:                348,650Cash out:                  26,250Income:Rent:                         1800x2 (This is conservative)Capex/Maint.          300x2Expenses:                400 (water/trash/electric/sewage/insurance)Using these numbers the property looks like it generates a COC return of about 30% per anum (on the 26k outstanding).

The property needed a complete basement gut, egress windows, electrical rewire, new A/C & furnace along with a kitchen remodel.

We hired subcontractors to do the roofing, siding, electrical, plumbing, and drywall.

Every Utiilty is also different so you have to know that market, what’s available and how to put into effect a concise plan with guarnranteed supply rates in the case of Electric and Natural gas. 

He also works deals with his tenants to leave the gas and electric and water in his name if they need him too and then charges them $5-10 a month plus the bill for their rental.

Personal property would cover things like your refrigerator.

For me an expensive repair is $1,000 water heater or refrigerator, or a $2,000 air conditioner.I still kick myself for all the houses I didn’t buy and don’t regret any I did.

I'm just about to start my first house hack duplex rehab project here are ideas I'm considering:-high efficiency toilet system-ceiling fans in bedrooms and main rooms-electronic keypad door locks-programmable thermostat-programmable electric bathroom baseboard heater

You draw from the escrow account as you complete phases of work. (5K after exterior is complete, 5K after Rough Electrical and Plumbing, 5K after flooring, cabinets, etc. 10K at completion) This protects you and the lender from a contractor taking off with your cash and not even hammering a nail at the job site.

I charge $535 per bed room and they pay all their utilities (gas electric water).