Hi Griffin, It is not uncommon for hard money lenders to finance 90% of the purchase price and 100% of the rehab cost on a 6-12 month term, and then they'd be able to assist with long-term funding for the property once it has been rented.

Partner Driven financed the Juniper Dr deal using its own capital, covering the $195,000 purchase price and $65,000 in renovation costs.

From my research, the average closing cost of a single-family home in Texas is between 0.98% to 1.31% of the final home sales price.

The duplexes in the area of Long Island I'm looking at cost around $700-800k.

Partner Driven financed the N Cox St deal using its own capital, covering the $162,500 purchase price and $30,000 in renovation costs.

To save cost and headache I suggest to keep your property and his property out.

It needs to be a certain speed, certain smoothness to your due diligence and underwriting procedure, you really shouldn’t get too much into the weeds, especially when calculating monthly costs.  

Many rehabs in my market do not use a GC and are owner builder permits   I just completed my most costly unit rehab.  

That could also explain why the costs were so much higher on the DSCR estimated you received. 

Yes, it will cost some money or equity but it is much easier to have someone guide you down a path then it is to go at it with a blind fold on.