What am I missing (besides in some instances you have a lower interest rate but do not get clean title to a property)?

Simply put, we start off with the As Repaired/Completed Value (ARV), then subtract from that number a reasonable profit, the rehab cost (scope of work), which we've gotten good at, a contingency reserve for any "unexpecteds", our cost of capital/carrying costs (interest and costs of the leverage used), and our costs/fees on the buy and sell sides of a flip.

That 4% cap rate on in place financials is a lie.  

The small daily fee you will pay for social posts of your airbnb (doesn't have to be direct booking site) will pay off in one booking.

You have to pay $60 for the “Set Up Fee”.  

In a climate like this with high rates, probably better to use a Heloc so you keep the lower rate of your 1st lien.

We only needed to pay earnest money and a portion of the closing fees bring upfront investment to 12-15K.

We actually have an in-house realtor who specializes in selling flips and can list your property for just a 1% listing fee.

Anyone over 18 fills out has to furnish their social security and driver's license numbers, and pays a fee for a credit / background check.

My properties average 4.9 star cleaning rating, which is hard to accomplish given how petty some guests can be.