If you don't know what I am talking about please look up that song on YouTube (potential title for the blog).  

Created proforma budgets and timelines for go/no-go decision.

Created proforma budgets and timelines for go/no-go decision.

An appraisal sets the current retail value.It is my opinion just because others may be willing to pay over retail does not mean the smart investor should pay over retail.My recent refinance quotes (small multiplexes, not SFR) has a slightly significant rate hit for going from 75% LTV to 80% LTV. 

Perhaps offer an incentive for finishing early and a consequence for going over timeline.

Perhaps offer an incentive for finishing early and a consequence for going over timeline.

For those who can forgo monthly cash flow the purchase and long horizon sales of appreciating assets is huge as you've discovered.  

@Song LaRue is this currently your primary residence?

Private lender for most of the purchase price, HELOC on my primary residence for the renovation & kept cash reserves on hand for going over budget.

You don't have to worry about snow removal and lawn maintenance with might enable you to forgo property management which will increase your ROI.