The comps are going to be the basis for any refi on the property.

You can try to use that as a basis and extrapolate out to your project. 

On the plus side, once you have more experience and have a system in place you can hire an ISA to help with the initial calls so you can only talk to the 1-2 hand raisers you can find every day.

His cost basis at that time plus any extra amount he spent would be his new cost basis.

Thank you @Zach Wain for your explanation when you think it's best to jump on a refinance. if rates trend another 50 to 100 basis points lower I'll look at a refi for surehow do you do a no cost refi?

The market has corrected, and unfortunately, this means that the value of your investment has taken a hit.The main issue is that these properties were purchased at a high basis, meaning you bought when prices were inflated.

However, @Bruce Lynn provided a great reminder to remember all of the expenses that could be included in your cost basis; again, a CPA advising you specifically would be the the best bet.

Make sure you are, in fact, spending less on a monthly basis than if you were buying/renting an equivalent personal property.

It looks like they are sending out refund contracts kind of on a first-come, first-serve basis, with some levels of priority because there are so many investors in these deals, which is why I'm posting this to get moving on this ASAP given the number of investors who are jumping in for refunds.I do not recommend you stay in this deal because they will be raising prices.

Everything is goal oriented and you need to move towards your goal with small strides tracking everyday.