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Fix & Flip 301: Rehab Draws, BRRRR Refi & the Edge Cases That Kill Deals

The deals that make the most money are often the ones with the most moving parts. Fix & Flip 301 goes deep into rehab draw management, scope of work coordination, the BRRRR strategy (buy, rehab, rent, refinance, repeat), and the edge cases (permits, liens, environmental surprises) that can blow up an otherwise good deal.

Advanced 20 min 8 lessonsLoan ProgramsUpdated 2026-03-14

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Curriculum

3 modules, 8 lessons

Module 1Rehab Draws for Fix & Flip

1The Flip Draw ProcessReading

2Scope of Work & Contractor ManagementReading

3Rehab Draw QuizQuiz

Module 2Refi-Out & Exit Strategies

1The Refi-Out: Flip to RentalReading

2Edge Cases: Permits, Liens & SurprisesReading

3Refi-Out & Edge Cases QuizQuiz

Module 3Flip 301 Hands-On

1Advanced Flip Pricer PracticeSimulation

2Fix & Flip 301 Final ExamQuiz

Rehab draws and scope of work management

Rehab draws are how renovation funds are released during a flip project. The lender holds the rehab budget in escrow and releases portions as work is completed and inspected. Understanding this process (draw request timing, inspection requirements, and change order protocols) is critical for keeping deals on track and borrowers happy.

The scope of work (SOW) is the foundation of every draw schedule. A well-documented SOW prevents disputes, aligns the borrower with lender expectations, and gives the broker a clear framework for managing the deal from first draw to final payment.

The BRRRR refi-out strategy

Not every flip ends with a sale. BRRRR (buy, rehab, rent, refinance, repeat) is a strategy where the investor renovates a property, stabilizes it with a tenant, then refinances into a long-term DSCR loan. The broker who can structure both the flip loan and the refi-out earns two funded deals from a single client.

Edge cases that kill flip deals

Permits, liens, and environmental issues are the silent deal killers. This course covers how to identify these risks early, what questions to ask before pricing, and how to protect your borrower and yourself from surprises that surface mid-project.

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FAQ

Fix & Flip 301 FAQs

Common questions about this course topic.

What is a rehab draw in fix and flip lending?

A rehab draw is a disbursement from the renovation holdback. The borrower completes a portion of the work, requests a draw, the lender orders an inspection, and funds are released upon verification. This process repeats until the full rehab budget is distributed.

What is the BRRRR strategy?

BRRRR stands for buy, rehab, rent, refinance, repeat. Instead of selling the renovated property, the investor rents it out and refinances into a DSCR loan to pull out their capital, then uses that capital to fund the next project.

What happens if a flip deal has permit issues?

Unpermitted work can stall or kill a deal. Lenders may require permits to be obtained or corrected before funding, and title companies may flag permit issues during closing. Identifying permit status early in the deal prevents costly surprises.

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