With comps ranging from $875K-$1M and your estimated build cost at $550K, the after-completion value gives you a significant equity cushion, making this project highly attractive to lenders.If you plan to hold and rent the property, you could refinance into a DSCR loan after construction, which bases lending on rental income rather than personal income.

Quote from @Enrique Toledo-Perez: I'm a Realtor and I'm wanting to get into fix and flips by working with wholesalers and buying properties in neighborhoods with a good spread.

My recommendation would be to engage an investment property focused realtor (not a general residential realtor) and let that person guide you through the process from pre-qualification to market/property valuation and selection. 

Quote from @Aldo Valeriani: Hello everyone,I’m relatively new to real estate investing, and this is my second fix-and-flip property.

You do not need a separate LLC for each property or a series LLC!

California law requires abandoned tenant property under certain circumstances to be sold at public auction.

But now you could refi, draw out your initial investment and the property would cash flow.

I think the actual thought is to do a wrap INSTEAD of a sub to.  

Or are you actually talking to a bank about buying the note so you can see the notes and credit on the owner of the property?

If you pay off a property or owe more than it’s worth, you can still owe or not owe capital gains tax.