Your best bet is to get on the phone, get multiple opinions, multiple quotes, and make decisions on the type of build before pulling the trigger.

On most small MF that get listed for sale, the owner lost interest years ago and management attention is in a steady decline until something triggers the sale.

The best piece of advice I can give is just pull the trigger.

If your trigger point is to accumulate CF to match your original cash outlay (buy+rehab).

As I said, I have yet to pull the trigger on an investment, so I really forget this whole structure.

But the answer for everyone may differ.Here are the personal attributes I see in those able to achieve a higher than market ROI, enough higher to be able to “scale”.1- Knowledge of real estate principles, real estate law and real estate finance2- Minimum 3 -5 years full time, or near full time experience directly related to real estate investing3- Ability to utilize technology for increased efficiency, capacity, and accuracy4- Excellent hired legal counsel and excellent hired marketing help5- Established method(s) of obtaining consistently high QUALITY deal flow6- Ability to manage and choose people who are NOT employees: Attorneys, Appraisers, Mortgage Brokers, Real Estate Brokers, Title Companies, Surveyors, Marketing Specialists, Accountants, Contractors, Consultants, Property Managers7- A VERIFIABLE track record of success8- Ability to identify, analyze, and negotiate a deal that can be “worked” for “enhanced” ROI9- Some type of competitive advantage; for example for me it’s my ability to analyze and identify mortgage loans that are actually less risky than all other lenders believe (on the investing in debt side), and on the real property side it’s my ability to analyze”pull the trigger” with LESS information than other investors need,  combined with the ability to pay cash, or raise significant capital almost instantly as well as being able to obtain loans at the lowest prime customer bank rate with no recourse or personal liability.  

What it will help you do is set a very high and above market GP compensation structure for deals by inflating the expenses to give the appearance of not being able to hit those numbers, only to close and reveal much better actual performance, triggering your promotes.

I’m sure the community here has a bunch of insights, so I’d love to hear what you’ve got in mind before you pull the trigger!

I'm not understanding the purpose of wanting to refi.As for the phone calls, look up trigger leads and how to opt out.

Hardest step in everyone's journey is to pull the trigger on a deal.