It pays for our mortgage plus a little extra, and it's a 350 square foot room with no kitchen and no laundry facilities.

He is correct of course I have been trying to force a square into a circle.

Banks do not like risk and you transitioning to a new job is a red flag.

@Courtney James That’s a red flag.

Just do the math for your area per square foot for similar materials.

So one red flag I do see in your analysis is zero seasoning period.

However, my thought process is if I use hard money, once I fix it up and refinance it I will just have to pay the hard money lender back then I will be back to square 1 with no money.

.** Property Description **Address: Rapid City, SDType: HouseBeds/Baths: 3/Square Footage: 1,104Year Built: 1953Lot Size: 6,969 sq.ft.** Purchase & Rehab **Purchase Price: $117,000 ($106/sq.ft.)After Repair Value: $165,000Purchase Costs: $585Rehab Costs: $11,286 (75% Financed)Down Payment: $32,072Total Cash Needed: $32,657** Financing (Purchase) **Loan Type: AmortizingLoan Amount: $96,215Loan to Cost (LTC): 75%Loan to Value (LTV): 58.3%Loan Term: 30 YearsInterest Rate: 5%Monthly Payment: $517** Holding Costs **Holding Period: 2 MonthsLoan Payments: $1,033Recurring Costs: $414Total Holding Costs: $1,447 ($724/month)** Refinance **Refinance Loan Amount: $123,750Refinance Costs: -$4,950Purchase Loan Repayment: -$95,983Holding Costs: -$1,447Refinance Cash Out: $21,370Invested Cash: $32,657Refinance Cash Out: -$21,370Total Cash Invested: $11,286** Financing (Refinance) **Loan Type: AmortizingLoan Amount: $123,750Loan to Value (LTV): 75%Loan Term: 30 YearsInterest Rate: 4%Monthly Payment: $591** Cash Flow (Monthly) **Rent: $1,200Other Income: $75Vacancy: -$60 (5%)Expenses: -$255 (21%)NOI: $960Loan Payments: -$591Cash Flow: $369** Returns & Ratios (Year 1) **Cap Rate (Purchase Price): 9.8%Cap Rate (Market Value): 7%Cash on Cash Return: 39.3%Return on Equity: 9.2%Return on Investment: 277.6%Internal Rate of Return: 277.6%Rent to Value: 1%Gross Rent Multiplier: 8.13Equity Multiple: 3.78Break Even Ratio: 70.5%Debt Coverage Ratio: 1.62Debt Yield: 9.3%

Also, looking to speak with an estate planning attorney but wanted to square away as much info on my end in the meantime.Note: we will be handling funds through a separate account and treating it as separate than personal finances.

so any change in wire instructions is a RED FLAG FUll STOP.. people do change banks but you need to verify.