But it is technically illegal to do so.

I am in the Virgin Islands, also challenging to find lenders.  

Challenges?

A link to FilePlace is at the bottom of every page, so it is easy to find.If you have technical issues, send an email to [email protected] and someone will help you.

With those numbers the refi is going to be good on the side of having some equity, the challenge like I mentioned is the Apprasier coming in and giving a number that may not support getting all your money out.

It might help you avoid penalties if the IRS goes after you later.You can claim the labor expenses even without 1099s, but you will technically be in non-compliance.

I run two big groups on fb and we have been bombarded by big pocket end buyers so closing big commercial deals 10M+ is not the challenge here. 

Challenges?

This can get technical, and it is case by case, to be discussed with your tax accountant.

This is because the envelope of the home was not built to modern standards and making functional living area can be challenging unless you have a lot of real estate to work with.