If it is cash basis, the book does not really show accurate information such as the checks you actually sent out but not hit your bank, the insurance you paid for one year but it is expensed at one shot at the time, you receive invoices from your vendors but those are not recorded as your payable.With that said, if you are "not" familiar with accrual basis accounting, you should just book in cash basis because it will be easier for accountant to find out what is correct and what is not. 

If a loan officer pro-actively asks this type of question to underwriting management without context I feel like it’s more likely to get shot down.

All good questions.Basically he is asking for $65k one shot up front to buy the property and then take out a construction loan to fix and flip. 

I started with this:Ended with this:Here is shot of the other unit, before the floors are in:That cabinets are 100% solid wood, either solid stock or plywood, with 3/4 backs and sides. 

Plus you'll be getting to know your neighborhood better which will increase your market knowledge, and give you a better shot at completing a successful deal.Hope that helps,Sean

Upon further review and doing research on the different types of neighborhoods and tenants that you might find I am going to give this unit a shot as a BRRRR.

You might have a shot at an appraisal rebuttal, you might not, it's impossible to know since your analysis so far has focused on an irrelevant metric (price per square foot).

It's being built from scratch unlike residential remodeling when you're dealing with years of unqualified, untrained, do-it-yourselfers work that often has to be redone for safety or to satisfy newer codes.As a 40 year Contractor, I can tell you ALL remodeling estimating is a shot in the dark.

I offered to close quick with cash and that shot my offer to the top.

I offered to close quick with cash and that shot my offer to the top.