Thank you so much for sharing your story, I'm glad to see you chose the Success Stories thread because this is truly a success story and here's why •You had enough in reserves or in an emergency fund or the ability to get enough money somehow to fix these issues and that is HUGE in itself.

new construction homes everywhere. many people waiting on the fence. once the rates drop its going to get crazy again.

Say, 3 month later, I decide to do a cash out refinance of the replacement property at 75% LTV because the rate is lower.

If that's not the monthly income, you are arriving at your cap rate by using incorrect expense ratios/expense figures and/or the property benefits from an extremely favorable tax abatement which skews the operating costs.

If you only plan on owning 2-4 properties, then there's really no harm in self-funding them unless you know a better, safer way to make more than the going interest rate on that money (most investment mortgages right now are about 7%, maybe effectively 5.5-6% after taxes depending on your brackets and tax structure).

@Marc Shin We're funding cash out refis for a lot of our most experience BRRRR clients right around day 91 (to pass 90 days of title seasoning) where we get the process started (appraisal, title, application, etc) around day 60  (plus or minus) when they have the place fully renovated and at least listed for rent (we'll use appraisers opinion of market rent to calculate DSCR). 

Although you plan on having your mother live in the home to start you'll want to assess the home using the current rental rates and values in the area.

She was studying to get her CA Broker’s License which would fully legitimize us, and allow us to manage funds on behalf of the homeowner’s and have ownership of the listings and reservations.

Not sure, from what you're writing, what the benefit to the borrower was in refinancing, but there had to be something; cash out and lower rate are two that come to mind. 

I found it listed on Crexi, it was a dissolution of partnerships and we able to raise the funds and negotiate a quick closing.