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Everywhere I turn all I see are pitches for affordable housing and the same (not so) compelling arguments regurgitated by syndicators, capital raisers, brokers etc. for the investment strategy....strong returns...lower volatility....supply (huh?)

First, in my opinion, being a real estate agent, you're either in it full-time or don't do it at all.

This project I expect to have fully complete renovation wise in 2 months and am coordinating alongside my full-time PM support. :)

Perhaps we "buy" the house from them for the $328K balance to satisfy the lender and don't need a large down payment and then have a separate contract with them to pay $x per month until we've paid the full $172K amount.

Here's the deal:Purchase Price (PP): $95kRenovation Budget (via HML): $60kTotal All-In Cost: $155kARV (After Repair Value): Around $200kRefinance (via DSCR Loan): 7% interest, 30-year fixedRefinance Details: After the refi, I will pay back the Hard Money Loan (HML) at 11.95% with 3 points:HML: $60,000Interest/fees: $3,585Other costs: $1,800Total to pay back HML: $65,385After the refi, I will have $84,615 left in cash.Cash Flow & Expenses:Expected Rent Income: $1,700/monthProperty Management (PM): $126/monthInsurance: $100/monthTaxes: $126/monthMortgage: $1,043.75/monthTotal Expenses: $1,395.75/monthSo my monthly cash flow is about:$1,700 - $1,395.75 = $304.25/month in cash flow.Return on Investment:Cash Invested After Refi: About $18,385 (after paying off HML and closing costs).Annual Cash Flow: $304.25 * 12 = $3,651Cash-on-Cash Return (CoC): $3,651 / $18,385 = 19.8%I didn’t account for maintenance costs since it’s a full gut rehab, and everything is brand new.

While the 6% property tax can seem high, I’d recommend looking at the full picture.

We have both been reading and researching as much as possible.

Used the proceeds to complete the work on a fixer upper I negotiated for $45k.

I guess in hind sight it’s one Or the other.