Keep in mind it's a lengthy organic program.

My next step was going to be to basically call a bunch of the hard money lenders on the BP list to try to find better rates, but before I go through that lengthy process I thought it would make sense to see if anyone on BP could point me to a lender or two that might be more competitive on refi's out of hard money loans.

This also may be somewhat lengthy as I just need to vent some.

@Dustin RuhlWhat you should also look at is default rates vs foreclosures as lenders have moved to alternative resolutions besides foreclosures due to lengthy foreclosure timeframes.

I would love to do it with an fha 203k loan but the process is lengthy!!

I know this post is lengthy but this is my process.

I need to decide whether to 1) Walk Away, 2) Use a Homestyle Rehab Loan and accept that using this lengthy process will likely add $55k to the loan and put me at the mercy of the Bank and GC's, or 3) Buy with cash (hopefully for even less), slowly renovate out-of-pocket/DIY, and then do some sort of Cash-Out Refi, whether Delayed Financing Exception or otherwise once the building is in a condition where an Appraiser and Bank will like it.Considerations:Buying this in cash will consume nearly all of my liquid savings...

Make sure you have a lengthy lease period and an option to purchase the property within a defined time period (usually five years) for a defined dollar amount.

My long term goal is to be a buy and hold investor, while still working my full time job.I appreciate your responses and thanks for reading this lengthy post.Thanks,Damian

Sorry this is quite lengthy, but if you're familiar with that area mentioned, north of Potter Park would love to hear your thoughts as that's the one spot I'm unfamiliar with myself.