@Pixel Rogue The cash out proceeds should be for business purposes such as investing in another RE project. 

I appreciate your thoughtful analysis. 

BRRR'ing sounds amazing, until you need to borrow money at 9-15% and have a significant monthly payment and are scrambling to get the project done quickly. 

The bones were solid, but it was a project.

Let them build through hard work like teaming with reputable operator who may take a cut but own the project etc.Neal Bawa and associated companies are another bunch or lier’s who project rosy picture to sign up people but fial to deliver.Those two have made my experience with real estate very companies very negative.

Let’s just say the hard money lender became my best frenemy for the duration of this project.

Hello everyone,I am from Alexandria, VA located at the border of Washington DC and Prince George County, MD working for a kitchen and bath remodeling company since 2017 known as European Granite Design that also fabricates granite, quartz, marble and quartzite countertops since 2003.I'm experienced Sales and project manager also designs kitchens & bathrooms for remodeling.Using my expertise and connections I want to start working for myself flipping old condos or houses in the Washington DC, Maryland and Northern Virginia (DMV) area.

We are experienced and have never involved anyone in our projects and have never used a loan outside of a conventional mortgage.

Time allows for adjustments, scaling, and reinvestment in ways that short-term projects simply can’t achieve. 

The sales comparison approach is typically done for residential real estate and will be less appropriate and come in under value because there are no good comps, and even an appraisal using the income approach (unless the appraiser is trained to do more complex commercial appraisals) is probably not going to be the most accurate either because they typically use market cap rates and in this case you don’t have good comparable income properties to find the market cap for the analysis.