Quote from @Nicholas Pugh: So based on these advantages, is this the right time to Refi or wait?  

I can now wait for a home(s) that meet my criteria to come onto the market or I was thinking of buying land and building new.Does anyone have experience with Eagle Rock Resort? 

I am not familiar with Horn Lake and the economic conditions you mentioned as a CON, but if you already have those concerns, on top of a large rehab, which typically don't shrink as you get started, and being OOS and needing a PM team, you may want to consider other options as you get started. 

Similar to what Becca mentioned, if you can hold the home for long enough it will appreciate.

However, this introduces a level of risk to the equation because now, as has been mentioned, instead of going to $0, you could end up negative big time! 

Yes I heard it was dismissed and will let Charlie do his job or wait ti hear from him 

As @Lucas Martinez mentioned, FMV rents in Santa Barbara have exploded, I'm trying to be considerate of my tenants while also exploring a path to adding value to the investment--which I know probably falls into the oxymoron category.

There are plenty of lawyers in America waiting to sue a seller!   

You always invest in areas that support your thesis on the development going forward, not historical.Everything you've mentioned is how you're emotions work.

You could setup something where the fees are deferred until you secure the construction loan and then pay them 1.5-2x their standard fee if they waited the 6-18 months to get paid.