Can I buy my own rehab

Help. Newbie needing advice. I bought a rehab and it has turned into a long project and has cost more money than planned. I have about $185,000 in the project and the house should sell for $225,000 once complete. I have the loan from a hard money lender for the financing right now and the monthly fees are mounting up. My question is can I buy this house for myself if the house does not sell quickly so In can quit paying the hard money fees? I am in a tough situation with money issues and could really use the equity in the home to get things straightened out in the short term. With about $40,000 in equity, once complete, I can pay some bills and get ready for the next project. Any advice is appreciated.

you can do a cash-out refinance on the property after it is completed.

I buy with low with cash, rehab, put a renter in and then do a cash-out refi to get my capital back out for the next project…same concept here except you are paying off the HML to free up your “capital” (the HML’s money)…

If you bought right, you can refi at 80%, pay no PMI, and still get your money out. I am rarely out more than a couple of thousand dollars.