You'd want to work with the REIT sponsor and your CPA to understand the expected timeline for this a bit more.  

I was told ( I better hurry, the project is just about sold out) As of June, the project is still selling and now the timeline has moved to the right by another year, 2023-2024. 

You’ll want to weigh the interest rates and closing costs against your expected timeline.

Investors can fast-track their timelines and boost ROI, while agents can use these streamlined rules as a selling point to attract development-minded buyers.In Carlsbad, SB-423 projects are allowed in residential or mixed-use zones near urban areas, with 75% of the site’s perimeter needing to border developed spaces like homes or businesses.

Since your property has high resale potential, some lenders may be willing to work with you.Cash-Out Refinance – If you’re open to refinancing, you could take out a new mortgage for a portion of the home’s value (say, 60-70% of the $500K), and use the cash difference for renovations.Personal Loan – If you have good credit, you might qualify for a personal loan for part of the rehab costs, though interest rates are typically higher than secured loans.Partner with an Investor – Given the potential profit, you may be able to find a real estate investor or contractor willing to finance the rehab in exchange for a share of the profits upon sale.Your best option depends on your financial standing, timeline, and risk tolerance.

For more affordable properties—those priced under $400,000—the timeline is even shorter, with many homes receiving offers within two weeks of being listed.This fast-moving market poses a particular challenge for first-time buyers who may not be as familiar with the urgency required in competitive bidding situations.

Construction could take a year, with permits stretching up to 15 months, a timeline that’s still attractive given the return potential.For developers seeking even bigger returns, a lot split project might be the way to go.

If you have a 20 year timeline, I'd probably recommend B areas closer to the city or in the better school districts in the suburbs for the highest combined ROI over that time period.Right now you can expect to find decently turnkey multis for about $60-$125k/unit usually all at least hitting the 1% rule in that range.

What’s your timeline for completing the refinance?

I dont like that timeline at all.