Hey BP!

I want to run a hypothetical scenario by you to help me clarify if I have a realistic investment idea. I've been wanting to get into real estate investing in my area starting out with a house hack. The issue I'm having is that my recent work history hasn't been stellar with the pandemic and all. I left a full time job Sept of 2019 to pursue a more flexible lifestyle as a freelancer where the compensation was similar, if not better than my FT gig. Most that work went away with the Pandemic. Then, in October of last year, I was able to land a new w-2 gig which is looking like a long term employment opportunity. For obvious reasons, traditional financing has been a challenge to find so far.

The 3 family I currently rent in will likely be hitting the market in May, which and has really piqued my interest as its located in an up and coming neighborhood and have solid rental income. I'd really like to make a move on it but my lack of access to traditional funding is forcing me to get creative.

I was wondering if it would be unwise for me to use a Hard Money Loan to purchase the house and then try and refinance onto to a more traditional type loan?

Could I started building a relationship with a lender today in hopes to work with them over the next year to understand their requirements and qualifications and show them my earnings in 2022 with the goal of refinancing out of Hard Money?   

Specs:

3 fam 7 bed 3 bath listing for $525k

Comp rents in neighborhood :

Apt 1: $1350/m

Apt 2: $1350/m

Apt 3: $1400/m

Total: $4100

I have access to a hard money loan potentially in the 8-9% range 

I have 100k in liquid assets

40k invested in another real estate endeavor receiving 12% 

My new w-2 gig is hourly at roughly $25/hr

The conservative side of me thinks it may be an aggressive plan that is taking on unnecessary interest payments (at least 40k/year)

The advantageous side, however, can't look past a what a hidden gem of asset this could be. As house like this likely won't be available at this price next year. 

My hope is if all goes well, the income from rents will cover the interests owed after 1 year and I can refi out into a lower interest financing. I know its a HUGE if regarding the refi step and, well, the whole plan..but I'd figure I'd at least ask BP

Thanks in advanced for any advice.