All capex Items except the roof (was redone right before I bought it), flooring, paint, landscaping, toilets, faucets, light fixtures, door hardware, outlets..... you name it we probably updated it.

I traditionally financed a REI rental in Salem (which I still hold).I'm out of state, living in NC, got about 100k saved and want to BRRRR.

You use the line of credit to purchase something quickly, then refinance it into a traditional mortgage and pay off the line of credit.

Does anyone have any experience or insight into traditional house hacking or small multifamily rentals in large Texas markets?

I am trying to avoid transitioning from a construction loan to a traditional mortgage to avoid any extra fees. 

New toilet seats, new door knobs, light fixtures, and blinds. 

Wanted to vent/shed some light on something that is so important but often times executed so poorly and that's communication.

Wanted to vent/shed some light on something that is so important but often times executed so poorly and that's communication.

Yes, you are $5k better than a traditional buyer but this is NOT a deal. 

The assumptions I made are below:Closing costs are calculated to be 7% of final ARV purchase priceRehab costs are $100/sq ft and $75/sq ftLoan interest is the loan + 10% back to the private money investor (assuming I go that route)Total cost is the MPP + Closing Costs + Rehab CostsTotal Profit is ARV – Total CostOwner receives the MPP (what I would have paid for the house) + Closing Costs (I would have had to pay for these anyway, I could sweeten the deal for myself and offer to split them with the current owner) + Half the profitPrivate Money lender receives their initial loan plus 10% interestI receive the split profit – interest on the rehab loanMy goal was to get the owner as close to their $200k wish in order to convince them to do this less than traditional (and maybe not even possible) way.