Pretty much any market right now is going to seem overpriced when you look at price to rent ratios and it's a rocky time to start flipping with rates doubling in a couple months.

The property is a great deal so I'm hoping to refi down the road in the event interest rates come down to a reasonable value, then maybe repay most of the personal loan at that time.

As others have commented - DSCR Loans tend to be a great solution for people in your exact scenario - fed up and tired of giant hassle and paperwork for conventional or bank financing - not worth the often pretty small benefit in rate or terms.Check out this article I published last year on BiggerPockets on what to expect documentation wise for DSCR Loans - they have become a nice blend between solid underwriting and doc sets needed, but not too much (and not too little like notorious "no doc" loans)https://www.biggerpockets.com/blog/what-documents-do-you-nee...

What’s the interest rate?

If I come across a flip where we could pull the majority of the money out, or keep only a reasonable amount in and the rents would cover the mortgage, I would consider it but I haven't really seen that here since the interest rates have been over 5%. 

Initially renting is likely cheaper, but when you purchase with a fixed rate loan most of your expenses are fixed cost.  

That means you are getting $730 rent, and the market rate is probably $1,200 or more.

Any pointers on how should I run numbers to compare two cases.Case 1:  Rent home A, Buy Home B @7.5%, with potential refinance at 3.5-4% ( ifff thats feasible ) after 2 years, once the rates are down. ( i know high hopes , but I dont think 7.5% is the new normal ).Case 2: Sell the home, get equity out, pay the whole equity ( dont know if thats wise ) towards downpayment of home B, reducing loan amount to approx 320k. 

Your other criteria should address:Desired interest rate – What annualized rate are you realistically looking to earn?

It will be a search until lending and rates start to ease up.