What if I fix & flip instead of rent, can it pull actual sales comps and group by renovated and estimate the ARV?

Lawyers, engineer, architect, expeditor, surveyors, etc pile on the fees quickly. 

Closing fees won't be any different if they are 4 seperate fee simple properties.

I was shocked as I thought it would be very simple (which it is), but some syndicators will use funny math such as not counting fees, placing expenses on a quarterly or yearly basis when using IRR (backloading to end of year). 

You would either need to sell and pay commissions, closings costs and maybe tax on some proceeds OR you would need to pay fees and closings costs to refinance.

I’ve always wanted to renovate my investment properties, but it’s so hard to pull the trigger.

I don't charge security deposit or move in fee nor do I care about credit. 

It's a situation where if it was a springer episode each party would have to be separated after the fist fight/hair pulling contest with one getting thrown in the crowd. 

@Bijan SabbaghiYou don’t that’s the challenge - we pull data from several places as a note holder and for example and currently we see less than 20% actually going to foreclosure as most are ending in bankruptcy right now due to borrowers equityThe ones that are under water are typically going back to the bank.Best bet is to find properties where deceased or maybe divorced to get higher chance of actually going to foreclosure

Some folks pull out capital to deploy into other investments they see as a good move, but you may also want to consider the capex and debt service the property comes with as far as gross rent covering the costs.