You've got the order right, and I'd push it one step further. Start with the exit and work backward, because the exit decides how long the money stays in and what the lender sizes it on. A flip wants short-term money underwritten on purchase price, rehab budget and ARV. A rental that needs work usually starts the same way and then refinances into a DSCR loan sized off the rent, so the rehab loan is really just the bridge to the second loan. If the rent won't carry the payment at the refi, the first loan was the wrong pick however good it looked. Experience mostly moves leverage, since newer investors commonly see lower LTV on bridge and rehab loans for their first few deals. Pick the exit first and the loan mostly picks itself.
