If its a flip or a rental, you must have a licensed GC pull the permits and certain trades (mechanical, plumbing electric) must be licensed.

Electrical and plumbing $2000...

Vash is a parnership with the VA and HUD, when the tenant part is 30% that includes utilities, say the tenant has $1000 income, their portion will be $300, but the heat and water etc is in that number,there is a chart for each expense tenant expected to pay , say $50 electric, $50 water, $50 gas, numbers may be different that means tenant pays landlord difference which in this case is $150, vash pays the difference to the landlord, so the hud check is generally much more than 70%, if a tenant has no income they can but up to 100% from VASH

So your Numbers will be different with the new loan.Your renting by the room, did you include electric, water/sewer/gas. garbage, HOA, Lawn Maintenance, pest service, etc.?

Or if it's better to BRRRR or FlipHe would either help with rehab or simply lend money at interest.SFR 3 bed/1baPurchase detailsPurchase: 47k cashClosing costs: 2kRehab: 15kI fund 22k cash, he funds 42k HML 12% interest only.Rehab time is 2-3 months in our spare time and around $1000 in holding costs (taxes, electricity, water, etc.)Rent post rehabRent income: 1000 a monthFixed expenses: 612.50. 8% Vacancy, 8% capex, 7% repairs, W/S/G, 137.50 Taxes, and 10% property managementGross income: $387.50 a monthOption #1 Cash out refinanceThis is where I am confusing myself.ARV: 95kNew mortgage of 75% LTV with $2k closing costs rolled in: 75,250Does this mean if I cash-out refinance I would get 23.75k cash, and have a new loan of 75k?

You may have some unexpected operational expenses, such as a plumbing problem or an electrical wiring problem, but the bigger problems come into play with capital expenditures.For example, a new roof can cost in excess of $500,000 plus, depending on the size of the property.

Might I ask how long it took you to complete the deal, what kind of work you put into it yourself in terms of construction, electric, plumbing, etc., and did you rent it or sell it?  

Smoke and heat damage was apparent from the kitchen area about 30 feet away and most of the drywall is shot.The roof is intact, but will require a full redo of the drywall and ceiling, I am guessing electrical and plumbing as well.

So having modern electric/plumbing helps a lot.

These big boss would do about 5-8 house a month, so when we all get busy i would help out and do a little more work as in a little framing, plumbing, and even some electrical just helping out.