You lose the rent money that he didn't pay and you have to pay someone else to finish the job.

When you cash out refi, you can use the money to improve the property and/or buy your next investment.

If anyone has tips on finding good deals, financing options, or navigating the challenges of flipping and renting properties, I'd love to hear from you.Looking forward to connecting with all of you and building a supportive network as we grow and succeed together in this exciting industry!

Some lower income tenants tend to pay via cash or money orders and you could have them deposit it direct into your account and text you the receipt for you to input.

Taking out $500K of tax free money (sounds like Section 121 (married)) through the sale of the property is great if you're trying to scale your portfolio.

@Mohan Deep, in most situations you will never recover that money.

Providing Ongoing Support:How can I create a supportive environment that fosters continuous learning and growth?

You can supplement the funds that you're taking out of your home through additional funds from hard money. 

Everyone will tell you they make money on the buy.

It'll be more work on the front and back end but can be a great way to make money.