Or pass.I owned a multi family by default not choice in a F type building/area.  

I traditionally financed a REI rental in Salem (which I still hold).I'm out of state, living in NC, got about 100k saved and want to BRRRR.

You use the line of credit to purchase something quickly, then refinance it into a traditional mortgage and pay off the line of credit.

Does anyone have any experience or insight into traditional house hacking or small multifamily rentals in large Texas markets?

I am trying to avoid transitioning from a construction loan to a traditional mortgage to avoid any extra fees. 

That is their choice option 1 or 2.  

A single deal is simpler for an investor to evaluate and a smart choice when investing with a new syndicator. 

.· Base their choice of Property Management Company the experience & expertise and services rather than price. 2nd Type of Owners/Investors:· ALWAYS GOING FOR THE CHEAPEST PROPERTY MANAGEMENT COMPANY.· They think they know it all.· Always want to do work on the property themselves even if they have no experience.

Yes, you are $5k better than a traditional buyer but this is NOT a deal. 

The assumptions I made are below:Closing costs are calculated to be 7% of final ARV purchase priceRehab costs are $100/sq ft and $75/sq ftLoan interest is the loan + 10% back to the private money investor (assuming I go that route)Total cost is the MPP + Closing Costs + Rehab CostsTotal Profit is ARV – Total CostOwner receives the MPP (what I would have paid for the house) + Closing Costs (I would have had to pay for these anyway, I could sweeten the deal for myself and offer to split them with the current owner) + Half the profitPrivate Money lender receives their initial loan plus 10% interestI receive the split profit – interest on the rehab loanMy goal was to get the owner as close to their $200k wish in order to convince them to do this less than traditional (and maybe not even possible) way.