@Joe Baier, I am not a SUB2 expert, but I am local to the Norfolk market, and I would be a little concerned about your projected rents.

I don't want to get too caught up with Airbnb for this project.

are you looking for your next project ?

Hope this helps so, we are a project management company that specializes in managing, operating, and subcontracting projects for builders and contractors.

General contractor in business for 40+ years with an opportunity to acquire someone else's unfinished rehab for ~$2M with an ARV of $4M - $6M depending on whether we finish the existing project or tear down and start over with a better design. 

I'm in the process of trying to find a lender either in the US or Canada that will work with Canadian buyers which will allow me to take on bigger projects and reduce my own capital investment.

Are there any tax implications or other considerations if we use this loan for our personal home project?

I'm thinking, hypothetically, being liquid about $100k and seeing where that can put me in terms of building up my rental portfolio and/or seeking flipping opportunities to grow my capital to get into bigger projects.

Luckily I found a good contractor and have HOA approval for the project (very lucky I know) I do have the reserves but eventually wanted to purchase a duplex to split and while the house hack will help with monthly costs with interest rates so high it still won’t cover all monthly costs so I think using the 45k for another down payment is the way to go.

After doing a bit of discovery that is something that should be apart of any deal analysis prior to RBR properties.