Sales price of 185k-12,950(closing costs) - 5500 (holding costs interest payments + utilities for at least 90 days) - 25,000 (rehab) - 118,000 purchase = 23,500 profit.  

@Julio Ibarra do you have the opportunity to utilize a cosigner?

I have read David Greene's BRRRR method book and am contemplating whether to save up for BRRRR or utilize the FHA Loan.Any preference on FHA vs BRRRR method for first property?

This means that you would be responsible for the site work, installation of utilities, and other work till the structure is finished.

Running the numbers I feel confident as a flip I can make money utilizing some creative seller financing that we have discussed but I am looking for some real world feedback.My HML is fairly expensive, between interests, closing costs, and additional fees it will eat up to much of the profit to make the flip worthwhile. 

Plan to refinance within 2 years and utilize the appreciation to help securing capital from our other two STR in the area.

I am utilizing My W2 job to secure my first 203k loan on a duplex in my area "Columbus OH".

How would you bill utilities if there is only one meter? 

If you plan to do one BRRRR after the next then you will still be utilizing the money so it won't matter that it is not a revolving line.A couple things to consider though - if you refinance and your payment goes up will you still have a good enough Debt to Income ratio to refinance your rental property?

Some geographic markets don't require or you can't find 1%-rule, others -- if more stagnant in population in income growth, and depending on property taxes and utility costs -- require 2%+ for likelihood of cash flow amidst rising interest rates, inflation, and workforce shortage/uneager labor.