My goal is to structure a deal where I can get 100% of my cost financed through a combination of the two, and pull out equity to pay back my investors through a BRRRR.

Granted, the FHA loan amount has to be under 980k combined.

Couple of points based on your combine inputs. 1.

Or a combination of both?

We should have the experience to have fired them in the first week, but we did not and our timeline is all messed up due to the late start combined with rain and Covid (6 to 8 month project hopefully will finish prior to 1 year).Alliance Environmental did good enough that we used them again this month. 

Purchase price - $480,000 (Nov 2018)Own money spent - $96,500 (combination of cash / loans but all paid off now) Income: total rent - $4,800Expenses:Mortgage, taxes, insurance - $2,600Vacancy - $150Repairs - $100CapEx - $237Water & Gas & electric - $84 (percentage paid by me) Property management - $330Total - $3,501Annual cash flow - $15,588CoCROI - $15,588/$96,500 = 16.1%Total ROI:Current house value - $600,000 (conservative)2% value increase per yearHouse value in 5 years - $662,448Sales expenses - $38,122Loan pay off - $426,673Total invested - $96,500Profit - $101,1535 year cash flow - $77,940ROI - $179,039/$96,500=1.8559/5years=37.1%I haven't added in the mortgage cost for the 18 months we were living there whilst work was being done as this would have been an expense we would of paid anyway even if it wasn't an investment.Let me know your thoughts and please highlight any errors.

You need to breakdown all of your expenses and consider:Vacancy (5-8%)Repairs and CapEx (15% Combined)Management (10%); always include Management, even if you plan to self-manage at firstWater/Sewer: $30-40/unit/month.

You must account for Vacancy (5%), Repairs & CapEx (15% Combined), and Management (10% - always account for management, even if you plan to self-manage at first).

I think its a combination of less rentals on the market (people moving less and landlords selling properties due to rapid price appreciation here) and more people looking (downsizing due to economic issues, booted due to a landlord sale, or booted due to nonpayment) 

What I a hearing from multiple sponsors is this:Oh, don't worry, the principals have 50 combined experience in multi-family value adds, but we have only been doing business as this entity for 1-3 years, so we don't have any exits, or much history to show you.