There are closing costs, loan origination fees and Homeowner's Insurance to add into the number, You will get better detail from whomever is lending the money.

Their fees to do this is you pay them 3% of the ARV on the buy and 3% of the ARV on the sell to them (you have to let them represent you on the buy and sell but when you buy, their commission is still based on the ARV).This might be a great way to learn and make money at the same time. 

FHA has a standard 1.75% funding fee and permanent mortgage insurance.

Purchase price: $85,000 Cash invested: $37,000 Now: STR AirbnbThis property was bought SUB2 from a wholesaler with $34k down/entry fee.

You can get a conventional Fannie Mae loan for 5% down with far less scrutiny and fees.

@Alecia Loveless I have another thought regarding this post for the original question.

Factor in permitting fees, construction costs, and adherence to building codes.

Right now it seems to have stabilized so I got a full month rent (minus PM fee).

If possible I would want the amortization over 25-30 years.I know cash out refi is quite expensive with the origination fee and everything, early pay off could cost too or drive the rate up.

Evaluate operating expenses, including property taxes, insurance, utilities, maintenance, property management fees, vacancies, and capital expenditures (CapEx), to ensure accurate estimates.