In order to have extra cash to help me pay off my student loans, I just wanted to explore the idea of using a hard money loan in order to finance my first deal and then later refinance it into a conventional loan. 

I'd like to understand any words of advice, anything I should plan extra while budgetting renovations, etc.ThanksJoseph

So I'm not complaining at all, BUT in my spreadsheet, I had it closer to $512,000 because I was counting the extra laundry income ($84/month x 12 months / 8.2% cap rate = $12,292).

I wouldn't get involved in the flip market unless you have at least moderate construction experience....you will be paying a big price to a Contractor to do the work, and then 'poof' there go your profits....If you want to flip, you should have extra money laying around....IMO

@Mike Messink I would love to chat more about where you are looking for STR in Cincinnati, I am rehabbing a rental right now that I am considering for a STR but I am not sure if the demand will be worth the extra cost, I only have traditional rentals right now.

Theoretically you can use the extra cash flow to pay down the principal and there would be no difference with a P&I loan.

Simplify your life, hustle to make extra money, eat beans and rice, etc.

However, doubling it to 20% seemed too high because the extra work is normally just extra communication.   

Why not use this time to build a rock solid foundation for your future:- If offered, invest in your 401k up to the employer match (never turn down free money)- Save up enough cash until you can get into a solid investment (one that allows BRRRR or a hack or both)- Use the extra cash you have each month to tackle the projects/reno... if the purchase allows for a hack you can create a new rentable unit first and then use the extra income from that to do the rest of the project/remaining spaces.- After completing the remaining project rent out that space, go after your refi (which clearly has a lot of equity now because you did the work yourself, added income creating units and without pulling another loan... and you're ready and in a fantastic position for the final R - repeat!

Do your extra research.