@David Matarazzo  Did either of you move forward with them for property loans?

So, valuation of property is split between land and structure. 

But to your point, a current project I’m about to start, I can tell you I had to push back on ARR as the comps used by lenders were entirely outside of what I’m bringing to market.

I am eyeing up a property I want to buy that costs much more than usual so my plan was to use a hard money loan to purchase, and rehab it with my own money, then sell. 

All FHA loans do charge the 1.75% up front MIP.Do you need dollars to fund a renovation also ?

I have had inspectors look at rooms on renovations that were not permitted (we weren't even doing work in the rooms) and asked that certain changes to be made to bring the room up to code (it was minimal).

We had to repaint the entire unit because the material he used left oil stains everywhere.

Managing tenants is probably the most frustrating task of all the task associated with owning rental property.  

Did USAA give you a specific list of renovations they want done?

Sure don't do the renovation, rent it for 200/m less, and maybe that 30k investment won't pay off until year 10, but you're still investing back into your property, improving it and adding value.