Without the deposit the contractor may have funded 50% of the materials by the time they request the first draw, so the cash exposure is very high.

✔️Today I close in my second multi family building.
6 units 2/1.
Plan is rehab it rent it and refinance it to pay back private money lender.
Why I have private lenders loans
Because I join groups and pay membe...

., allowing flippers to invest with lower upfront costs.Growing Job Market: With industries like logistics, healthcare, and tech expanding in Memphis, demand for housing is on the rise.Steady Appreciation: Home values in Memphis have been steadily increasing, providing a favorable market for short-term flips.If you’re looking to get into the house-flipping game, Memphis offers the potential for high returns in a stable, growing market.

It's hard to get ahold of our current provider.

As I am building this plan, is there a rule of thumb I can use for future value based on NOI?

Ive started a mail campaign with properties in my local area( Providence County).

It clicked then why the interest rate was so high (8.4%) and why closing costs were higher than expected. 

It's hard to tell simply from the information provided.

Also keep in mind the basis to deprecate will likely be lower as land value would need to be considered 

If you are doing just buy & hold of rent ready properties without doing any value-add (rehabs), then consider the old adage that you "marry the property but date the rate" meaning you can refinance.