Investors are tripped up when the prior owner changes the use without permitting the changes and in those instances a rental license is not attainable for the new unit counts.

Here is what I learned:A great deal spread will trump any expensive lending termsYou need to be liquid, a lot more than you thinkGetting the exit you want will depend on the finishes in the house because all those ARVs you looked up had very nice finishes I'm sure. 

I am looking at investing in an out-of-state property that is a 5 BR, 3 BA which is a 3/2 upstairs and 2/1 in the finished basement.

They may take arv into consideration but also take ltv as what if you don’t finish project ?

Especially on the right, where I wouldn't call those outdated finishes and the colors look nice, maybe just needs better lighting.

Most properties over there get snatched up really quick since they are in good school districts with low purchase prices and you don't need to do super nice finishes to get top of the market rent or ARV. 

@Michael Dooley  What is your target date to finish the rehab? 

You may have to cancel the bookings until the exterminator finishes his job.

I have solidified some of those processes but need to work on finishing the remaining.

Gotta to finish the rehabs and get them rented if you say they are profitably rented.