Cash flow is mostly non-existent now, unless you find a great deal. 

Since you're planning to rent the condo in 1-2 years, a lower rate could also mean better cash flow once you transition to being a landlord.

I argue that this makes the loan safer for the lender because it keeps cash in the rehabber's pocket, where they need it, instead of in our bank.

There is no need to remove cash flow now; just keep reinvesting.

You can still find positive cash flow (aka the 1% rule) and amazing appreciation potential. 

I have 33 rentals producing enough cash flow to support me the rest of my life, but I enjoy my work and continue working.

Additionally, the price point is still cheap enough to find the 1% rule and positive cash flow and there's amazing appreciation potential.

Rise48 is raising preferred equity at a valuation that is not market, with income growth projections that are unreasonable, and putting $7,000,000 of new investor cash back in their pockets... $7,000,000!!

There will be multiple markets you can achieve a 7.5% cap rate especially if you're buying with cash.

Sometimes it makes sense to sell if the numbers don't make sense to keep it, there is better use of the equity, etc.Alternatively, could you do the cash out refi and build an ADU?