@Thomas Sheehanonly you can decide what makes sense for you financially, but I would not put $200-250K into a property to generate minimal cash flow. i look to minimize my outlays when I purchase.

You can either immediately refinance if you paid cash which is called delayed financing.

Hi Tanya, Sorry for the delayed response, new to posting here!

You can buy cash and then use delayed financing within six months to get a loan that is treated as purchase financing.

If not, then you are not responsible for the delay. 

Having each service separate can often result in delays, inefficiencies and more work for you as the owner.

Any tips on avoiding unexpected costs or delays during rehab?

Trying to do it yourself can result in months of delay, which will cost you way more than a few hundred bucks.

Borrowing cash from another source does create a lot of risk so make sure to stick to your numbers and make the deal happen where you minimize that risk.Another option perhaps not mentioned is a wrap-style deal subject to or seller financing.

I work in WA, not IL.Sounds like similar facts - you need to be licensed if you are going to manage other folks' property.Here, you need to hang your license under a managing broker until you can get your managing brokers license, as brokers can't touch money and do a few other things legally.If it's like WA, you will have to hang your license under a managing broker at a brokerage, and coordinate deposits, contracts, fees with them.If that is the case, ask some brokerages that will allow you to hang your license under them for minimal fees in order to be compliant.