We've never used hard money or personal loans before, but do have 2 cash-flowing rentals and a primary.

What was the purchase price and how much does each property cash flow.

I can definitely tell you there's still a lot of positive cash flowing and 1% rule deals and you get amazing appreciation.

Over time capex exceeds cash flow.

These properties were not distressed quite the opposite.. but they had 100k to 3 to 5 million of standing Timber on them that if we could purchase our Timber deed we could turn those trees to cash within 90 days..PS I had created a hand made custom data base of properties  10 acres or more not corporately owned that Aerial Photogramy show Standing Timber of an Age we deemed Merchantable. 

Cash out refinance, pay off the HELOC and then repeat like the BRRR strategy. 

Figure out what your exit strategy is first, and then make sure it fits for your partner to cash out and move on. 

You don't make enough to pay lawyers, fines or anything else from your cash flow. 

and unfortunately, with rates and prices high, it has just gotten very, very tough to cash flow on long term rentals.i browsed a few other threads you started and it sounds like you already own your primary residence and are looking to get started in investing. 

Purchase price: $390,000 Cash invested: $40,000 A rare off market twin in Bala Cynwyd!