if yes then you got the answer, an appraiser will never come in with the proper value of A turnkey, because they rely on local comps even though those comps need much work and the principal is already done and cash flowing.2- These turnkey sellers usually purchase there properties for far below market value, if this is the case the appraiser might appraise for A lower amount due to the previous sale on the property.I don't know what turnkey seller specifically you are talking about of, but if their customers are happy then you got your answer, if their customers claim they were ripped of then you got the answer as well.

You then draw your HELOC balance as the down payment for the flip.  

There are various other items that may come up such as: Proper firewall suppression, adequate entrances/exits for fire safety, stair safety, size of kitchen appliances, etc... for my specific example. 

We have a partnership entity, so it has to file separately and needs balance sheet accounting.

Your reply was thoughtful and balanced.

I want to strike the right balance between transparency and professionalism.Appreciate the guidance—thanks again!

In our case this was an annex built without proper permission, which limited the m2 that the bank would value the property against, and limited to how much space we would be legally allowed to use.

I own 12-doors in Detroit proper.

Multifamily investors usually look to balance risk and return - usually picking either B or C neighborhoods to buy rentals in.

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