Hi Hoa,- Hard money is fast efficient, expensive,  it has high rates and points and shorter term 6-12 months or less typically with extensions available- HELOC typically has no points but prime + 2-3% margin right now is almost the same rate as hard money and closing costs are a lot less than hard money and you can rinse and repeat and reuse it after paying it off so yeah overall its better than HML (hard money lending)Thats just the beginning of your research, the reality is in real life you might need both sources, make sure to have both ready and start with the best execution or option first and always be ready to use the others if the need arises.rehabbing is messy AF especially on older housing Illinois housing stock from 1895-1940's.

Example:$2,000,000 gain after basis at 20% across the board to keep it simple

Typically high interest like 10%-14%, maybe more if it is a 2nd. 

As is typical the property management rate is 10% of rental income.One item which I found very impressive was that Ohio Cashflow do a rental guarantee.

While true student rentals typically operate on a per-bedroom basis, your lender might not favor this approach.

One thing to be aware of, especially in Ohio, is the prepayment penalty typically associated with these types of loans. 

But I've looked at the rates of 2 PMs so far and both charge 10% of gross rents + 1mo rent on new leases + a BUNCH of other fees (I'll include more details as a comment to give an example).My question is: is this standard for the Cleveland market?

Hi Patrick,Typically less rehab there is, the less upside there is on the BRRRR, so you might leave some equity in the deal if you don't have much repairs to do.

Additionally, with a more extensive renovation, the property's resale value could surge above $200,000.This is just one example but the above data showcases its potential as an excellent market for single-family home investments.

The downsides are California taxes and tenant laws, typically.