To me, the most important contact is your contractor in the BRRRR process, so I would start by securing a good 1-2 contractors.

Never let a tenant move in without a security deposit paid in full. 

You can probably secure the hard money with less than a 25% down payment, and then if things go right - 0 out of pocket on the refinance, but you will still need at least some "skin in the game" regarding a little equity/down payment to start.Sharing this article published here on BP last year on this topic - hope it can help too!

Less Competition - High-interest rates and market uncertainty may deter some flippers, reducing competition for distressed propertiesMarket Demand - In some areas, there remains strong demand for renovated, move-in-ready homes.Price Negotiation - Sellers of distressed properties may be more willing to negotiate in a high-interest rate environment.Cons:High Carrying Costs - High-interest rates increase the cost of borrowing, which raises your holding costs (interest payments, taxes, insurance, utilities).Market Volatility - Real estate markets can be unpredictable, and high-interest rates may lead to slower home sales and declining prices in some areas.Renovation Risks - Unexpected renovation costs and delays are common risks in any market, and high-interest rates exacerbate the financial impact of these issues.Financing Challenges - Securing financing for both the purchase and renovation can be more difficult and expensive in a high-interest rate environment.Mitigation Strategies:Thorough Market ResearchAccurate BudgetingEfficient Project ManagementFlexible FinancingExit StrategyFixing and flipping properties in today's market can still be profitable if approached with caution and thorough preparation.

The cost to evict, in terms of lost rent, vacancy, turnover costs, plus the work involved to secure a new tenant who ON AVERAGE will be WORSE than the one you would be evicting sounds counter-productive.

Nighttime security guard at a large complex in a Class B area.

Hence if something like this happens and you collect the security deposit, you have that paperwork to fall back on if it goes to court. 

I live in Las Vegas which is a mecca for tourism, but new STRs here are very difficult to secure.

I had a 5,000,000 unsecrued LOC and a 10,000,000 secured..

My hesitation is that I don't want a phase 1 that turns up nothing to lull us into a false sense of security.