Talking to a commercial lender is the best bet.

As a general partner on two syndication deals, I’d recommend reaching out to your main sponsor to understand how depreciation is allocated between general partners and limited partners for that particular deal.

Unfortunately it’s very probable you will be responsible for this unless there is a statute of limitations in your state which could come into play.

So, if there aren't any comps for that property type, then you would be limited in the value that would be given, thus limiting the amount of renovations to be financed.  

This mindset limits the size of investments I can pursue more than if I did not have this objective.   

To be safe, it’s usually a good idea to wait a bit—most people suggest 6–12 months.Also, keep in mind that lenders will base the amount you can pull out on the appraised value and their loan-to-value limits, so you might not be able to take out the full difference between $2M and $2.5M.Hope that clears things up!

Good luck. haha i would run away from anyone self-proclaiming as "financial expert" with the expectation to "meet the guru / mentor/coach / master of all business" in his/her personal residence lol I have not google him yet but I bet he is taking picture in front of luxury house and driving sports car ?

Are you in the county, in the city, or in the mile limit for the city?  

One approach we've taken is implementing a move-in and move-out inspection (with photos) to limit wear and tear.

There may be a limit on the amount of partners allows as many lenders want the personal guarantor to have a certain amount of ownership in the entity.More info on DSCR loans:DSCR loans won't use your income to underwrite the loan.