This will be easier if your inspection period is not over yet.

I've started pre-leasing effort during the due-dilligence period but so far no LOIs.

I know the steps, like making sure I get the agent to add certain contingency to cover myself, add an inspection period, making sure it goes through my preferred wholesaling friendly closing company, etc.

This is important because although you can refinance prior to that period they would base the numbers on the original purchase price plus verifiable repairs as opposed to the new appraised value (Estimated ARV) which kind of defeats the purpose of using the BRRRR method. 

Ive got a 30 day inspection period. 

How does the BRRRR method sidestep that or is it normally a 6 month waiting period?

For $500k, you could pay 10% simple interest over a 15 year period, with a full $500k balloon at year 15.  

Hi Lionel,Make sure you qualify for multi-family financing with a lender, and know what the lender requires of you during the loan period, such as net worth maintenance.The lender may require closely matching asset experience, for some loans, etc... 

We have a lot of listings in-house among our agents through-out the firm and I am more than confident we can work on finding you something to fit your criteria during your upleg period of your exchange.Reach out to me directly if you want me to connect you a commercial investment agent who works in the area you are interested in.

Red flag does not refer to derogatory credit, so if you heard that from a loan officer they must be new and probably don't know much.Most loan programs require some kind of waiting period for anyone who's had a BK.