Are you planning on sticking with the build-to-rent model or exploring other strategies for your future projects?

Although the majority of Michael's superb content on Cost Seg focuses on how to properly assess the value of Cost Seg, he also does highlight some items regarding the internal workings of a Cost Seg study.

Avoid putting certain items in the property like disposals, dishwashers, and mini blinds.

But it was not passive.  3) alternate rent models such as MTR, STR, rent by room, student housing, etc.  

It's all about balance and attention to detail, from the big-ticket items like kitchens and bathrooms to the smaller aspects like layout and functionality.Your example from "Flip or Flop" is spot on—what works in one market doesn't necessarily translate to another, and understanding those nuances is key.

(Assumable loan, Waterfalls/Hurdles, Ability to model a JV) I've come across "Synthesis" by Sharpline Equity.

Do those two items above 100% dictate needing a total gut or can a home be sold with the panel and the pipes how they are and can it be financed?

There is no 30 day close with a 21 day inspection period haha  ya I fund a few buys that have that exact model it does work well but they do have to pay me of course. 

Have the loan officer you are talking to model out both, so that you know you can close on the multi fam once you close on the HELOC.

I know there are the obvious PITIA items but what about property management fees (I plan on using a property manager), maintenance/repair allowance, and vacancy allowance?