Rates were still extremely low, which made both properties extremely lucrative with cash flow.

If rent is due on the 1st and late by the 5th, apply the late fee on the 6th and serve a 3-day notice immediately.

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

Average rents are hovering around $1,100 a month, and properties are getting snatched up fast, with vacancy rates staying low.

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.

The metrics I'm primarily focused on are: rent appreciation rate, property appreciation rate, economic growth rate, unemployment rate on the macro level.

Totally ok if you don't plan to take any capital out as interest rates are likely higher than your original loan, and it sounds like the deal will cash flow, but just wanted to point that out so you are speaking the same language. 

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

A few may just want to be a PML and get the agreed upon interest rate.

He is interested in REI, has good basic knowledge on REI and has more than enough saved up for down but hesitate because of current market, interest rate, rental demand, capex, first investment jitters, draw of stock market, etc, etc.