I got an appraisal prior to starting and my numbers looks like this PP: 137kClosing costs:5kRenovation: 230kprojected holding costs: 26kARV: 620-650KEstimated rents: conservatively--> $4400/month.

Prior to your closing make sure to ask your title agent what you need to bring on the day of closing and what needs to be completed prior to closing.

Acclimate the flooring in the room for a couple days, clean the floor well, don't put it right on concrete, don't do anything the manufacturer says will void the warranty (like adding on any additional adhesive agent), don't install in areas that fluctuate in temperature a good amount throughout the year, etc. 

I wanted to check with other landlords prior to approving this.

A few additional context that may make this a bit more complicated:- ideally the 1031 exchange that I do will then add my wife to the picture with the trust that we have established (however it's easier to do)- the property was previously used as our primary property, but is now a rental property for at least 4-5 years- an alternative is the sibling is open to gift annually up to the gift limit so that we own the property outright prior to the exchange, but that will take quite a few more yearsThank you!

As you alluded to, I do try to get the appraisal done prior to the first tenant moving in.

Some also factor for the age of drivers, driving record, prior losses, etc. 

I was exploring the opportunity to capture equity from a property I purchased a few years prior (1031) while increasing cash flow to our portfolio.

We had both sides of the transaction lined up prior so it went smoothly.  

Depending on how good the GP's prior returns have been & marketing strategy, they can raise 70-95% of the total equity required to take down their next deal.