If you are not covering expenses, you should review pricing and see what other comparable properties are charging.

Most lenders will require you to have completed prior flips if you want to do the renovations yourself.

Land seems expensive, especially compared to Northern NM which is another market I am considering.

There's nothing different about him compared to you.

@Devin Cutler I've had lenders tell me the funds cannot be used for things like "business purposes", "educational uses", and "new property purchases".

And you also should probably be talking to local lenders, typically going to be local small mid-sized banks and or credit unions.

Feel free to PM me and I will add you to our team's deal mailing list and can provide referrals for lenders, contractors, etc.

Talk to a lender and figure out the best way to use your capital. 

Cash out refi usually requires a seasoning period (eg. 1 year before you can refi) but can vary lender to lender

Will a DSCR lender give me a home equity loan from my (1st SFH) rental property, so that I can cover the down payment + closing costs to assume the 2.75% interest rate on a (3rd SFH) property I would move into immediately?