This kills the plan to extract the costs via a refi.   

I would much rather have  a larger piece of land 1/2 to 2 acres that I know I can extract much more value out of.   

The value add may allow you to extract much of your investment to leverage elsewhere.The value add may increase your cash flow. 

The 50 Class A investors extract their $10k each (10%) for $500k total, first.

And calculates rent/price and gross cap rate, so you can sort by highest returns.All you can extract to excel.

They know moving slow in the beginning to extract all they can is more of a win then going fast into a location to open sooner.An exception to this is an A plus location where a dozen tenants want the space.

I am not a big believer of going through a massive headache to extract an additional 3% upside for rents. 

However if I do a BRRRR I can achieve infinite return by extracting all of my investment.

Imagine an X & Y axis on a graph: the more cash you want to extract, the higher the interest rate.

At what interest rate will it be and how much more NEGATIVE cash flow will you be willing to take on to extract that equity if you want to buy and hold?