Eat the elephant ONE bite at a time! 

In addition, building into  the business model an intentional refinance in a short period of time, you are incurring double the financing costs, which eats away at your equity, and also resets your loan amount to potentially a higher amount if you are rolling in closing costs.

PM could do the same, but they can eat up your cash flow.

A few appliance repairs or non-payment of rent will eat that away.

Do you know that Flips take at least six months to fix up and sell and you are lucky to break even if anything delays the process as you have Monthly Costs that eat into any profit.

So, if my actual cleaning rate is $385 and I list it as $300 (and eat the difference), is this a potential tax problem down the road?

As others mentioned, there is the cost to sell which can really eat into your equity as all those costs come from your equity but are usually based on the whole value of the property.  

If you own commercial real estate property, you are probably well aware of how much property taxes can eat into your profits.

The unfortunate truth about cheap properties is that a hot water heater and a roof still cost about the same as a proprety in a more expensive areas so your repairs/vacancy/capex is going to eat up a larger % of the gross rent than a more expensive property even though the $ might be similar.

Unless you’re doing this at scale, a gc is going to eat up 20-25% of your profit, aka 10-15k… no thanks.