This deal that you mentioned sounds at first blush that it's dead in the water because of the large deposit.

Oh and I forgot to mention the interest rates impact : ). 

People selling "structure" somehow forget to mention yearly compliance costs.  

As others had mentioned its already in and removing it is lower priority.

But if you just replaced kitchen cabs and counter without moving any fixtures, and same for bath (left tub alone), then it’s much less work not needing to remove and reinstall Sheetrock, not to mention the plumbing and electrical work. 

He mentioned your equity could decrease if neighborhood changes.  

As mentioned depends on local. examplesDriveway entrances must be xxx feet away from each other. 

If you ever need insight on Tampa or Central Florida markets, or just want to brainstorm ideas like the BRRRR strategy you mentioned, feel free to reach out.

@Laura Casner, personally, I try to step back and think about why I am doing this, as others mentioned.  

Maybe I missed it, but I did not see you mention what you could rent your current expensive house for and what it would cash flow?