The real key item here is the equity.

If the ARV has risen to $260k and you’re renting it out for $2900/month, you can likely qualify for a higher loan amount.Here are some key points to consider:Loan-to-Value (LTV): A typical DSCR refinance will allow you to borrow up to 75-80% of the property’s ARV, so for a $260k property, you might qualify for a loan of $195k to $208k, which could help pull out most or all of your original investment.Debt Service Coverage Ratio (DSCR): Since you're renting for $2900/month, the loan payment will need to be covered comfortably by that rent.

An extremely detailed scope of work along with an extremely detailed contract, are the keys to a project that is going to finish on schedule and on budget, without surprises. 

By using time as a key asset, we can ensure that:Properties remain affordable and community-focused.Tenants have access to education and workforce opportunities.Investors receive steady returns without destabilizing the market.To Summarize:This project isn’t conventional, and I don’t expect everyone to immediately align with the vision.

One large component of their business model is to acquire distressed mortgage debt then foreclose and resell the property as REO on the open market.Due to moratoriums on both foreclosures and evictions, as I understand it, AHP is essentially experiencing a log jam on the back end of their exit cycle to recover investor capital and profit.

AHP Servicing LLCAllied ServicingAngel Oak Evergreen Note ServicingFay Servicing LLCFCI Lender ServicesLand Home FinancialMadison Management Services, LLC National Asset Mortgage, LLCNote Servicing CenterHome Key ServicingMIGSuperior Loan ServiceingAllied Servicing CorporationUnited Home Loan Services Inc.

@Jesse StrengIf you buy turn-key, make sure you get your own independent inspection.

Besides putting together the best SOW using accurate/actual quotes as @Peter Mckernan and @Alan Asriants commented above, another key aspect is tracking expenses (bookkeeping) and monitoring the budget throughout the project. 

Your first step should be building a strong team: an investor friendly agent, lender, contractor, and property manager are key.

What’s a key mistake you’ve learned from that could help others?