Yeah, it would be a deep cut in their asking price which is why I wanted some opinions.

And then I applied some leverage knowing that if they did not want to move forward that I would find another interested Buyer who was clearly ok without having the Certificate and knowing it was always used as a 2 family. 

Until Fed begins to cut rates I’ve found alternative lenders in some cases to be competitive with banks on construction debt when considering the totality of factors (rate, leverage, depository relationships and pre- payment penalties).

To be safe, it’s usually a good idea to wait a bit—most people suggest 6–12 months.Also, keep in mind that lenders will base the amount you can pull out on the appraised value and their loan-to-value limits, so you might not be able to take out the full difference between $2M and $2.5M.Hope that clears things up!

- Many flippers cut corners to boost their profits.4) Why are you worried about renovation percentages, when most already done?

I've had issues with their system not notifying me when a tenant has a maintenance issue and there are times the site is requires me to clear my cookies before I can see anything in there.

The heavy cleaning and repair costs after longer stays are definitely pain points but I've seen my clients make it work by screening the tenants more carefully for MTRs, doing bi-monthly checks to catch issues early, and writing clear lease terms about maintaining the property.

Poorly maintained tanks can create quite an odor, but it's not hard to clear once the tenant is gone. 

Being clear about what’s covered in the lease and by local laws can avoid misunderstandings and set their realistic expectations.If you do plan to carry out the cosmetic upgrades (because the property is overdue and of course you want to ensure your tenants are enjoying their home to the best of your abilities), try to schedule the repairs at times that minimize disruption.

As you probably know commercial lending on CRE is not the easiest task right now, then add all the complications to it...foreign buyer, new LLC, new bank accounts, etc and that probably cuts out a lot of lenders who will be interested.Also find out what their goals are to determine if what they want is even feasible.