what happens is folks will do this.. an event of default happens.. the first lender since your not the borrower wont talk to you and there only answer is cut me a check for the entire amount of the first.. so if you have a first of 400k and you gap fund 100k and the first has a problem you need to have the 400k liquid and ready to step in and take over.. or you have a step in agreement you step in make payments finish the house and sell.it is quite customary to get 50% of the net profits in a gap funding scenario . 

I feel like I have built up a wealth of knowledge and am now ready to begin applying it.

Things do come up and timeframes change.Some questions:Do you already have the next property in mind and the deal ready?

So I closed on my first property (a duplex in Louisville, KY) and am in the process of getting it rent ready. 

Be ready to be told "no." 

This is the definition of a paint and carpet rehab and I anticipate about 15k in repairs to get the property ready to sale or about 5k if getting it ready to rent.  

Then if they are still not ready to buy it, by then, the property would have appreciated and will look a lot better to an investor or home buyer.  

I buy rent-ready 3 bdr/2bth SFHs based on what my PM advises me that people are looking for in rentals.

I probably shouldn't even be looking this far ahead if I'm not ready to close on something.

A properly structured BRRRR property is designed to give you instant equity once the rehab is done, its also designed to cash flow much better than buying a home that needs no repairs and is rent ready.