FYI - This will be my first investment property.Thank you in advance.

The fees can be rather exorbitant. 

Hi BiggerPocket community,This.is Michael, currently a partner of Coldwell Banker UAE.Just want to introduce myself to this community and proactively will be sharing more about investments in the real estate market here in Dubai.

Once you start to get people in there to look at project to project, that will give you a baseline then you'll start to gain more knowledge on where you need to be on the pricing/estimates etc.

Your return would be 9.6%.

I'm looking for specific feedback of investors who have either renovated or built new in areas that give 10 or 15 year tax abatements and the benefits you saw to the bottom line on at least a 2 year hold but better on a 3-5 year hold.

The same as any refinance, the 1st position debt (subto loan) will be paid off at closing. 

Even if you get a great deal that is 20% below market, appraisers will typically be anchored by the last sale price and you may be stuck not being able to pull out as much cash as you need to pay off the HELOC.

But the 50% op ex ratio will be close enough for first pass. 

Being asked thousands of dollars by some random stranger online just sounds like a HUGE redflag.