BRRRR - Financing & Cash Out Refinance

[Joseph Komarovsky]

Hey, hope y'all are having a great day!

I'm looking to get into small multifamily investing full time using the Brrrr method. I have experience working and managing construction.

My issue is that I don't have W2 income for 2 years and enough cash saved up to buy cash. I've done some research, and it seems like I would have to use hard money and private money lenders for the purchase and the rehab, and use some sort of DSCR loan for the refinance.

My questions:

1) Does the above strategy make sense, and can it be profitable & scalable?

2) When using hard money and private money, even if I get a great deal and I'm able to cash out 100% of the money invested, how do I pay the interest on the hard/private money loans? Do I need to save up money beforehand to pay the loan interest... or is there a way to go at it using OPM?  

Thanks in advance!