Does anyone have experience doing this in today's market?

Are you looking for a lender contact on this, or wondering how to structure the business? 

This appears to be a misuse of said contingency.

Once things are stable again, then you can educate yourself and focus on how to improve your investments to protect you against this situation in the future.

@Drew Sygit This is my experience also.

I'm curious if there are any future plans for this neighborhood beyond developments like the Gravities, Bottoms Up, and other breweries.

This is also my friend’s childhood home. 

A few month later, I sent Kai and email asking "is this a paid program?"

I would discuss financials on this if you choose to come see the pre-rehab on Dec 1 (I have made a lot of money (close to 7 digits after this rehab is done in ~2 months) but due to not executing a cash out refi (due to the rate increases) my return is below my underwriting).

-therefore, there won't be any net 'cash flow to cover rent' for years.to be clear, i say this not to say "don't invest out of state." investing out of state is fine.