On a refinance appraisal you should expect downward value adjustments from the comps.

Also, my understanding (as it stands now) is that you must "substantially improve" the property by investing an amount over 30 months equal to your un-adjusted basis in the property at the beginning of a 30 month period, and that 30 month period can be over any point of your overall hold period.This provides the opportunity for significant planning with regard to investor risk and uncertainty.Also, this is subject to change and simply an interpretation - I could be wrong as there are quite a few moving parts and many more that we are all seeking clarification on. 

maybe lending until we adjust? 

I just want to see how you calculated the ARV adjustments.

The most common features to this loan type are a 20 year loan, adjustable rate every 5 years, and at about 1 point higher than their Fannie/Freddie counter part. 

I put 2K down with the assumption only minor fixes/adjustment are required. 

It is the difference between your adjusted cost basis and the net sale of the property. 

The most common features to this loan type are a 20 year loan, adjustable rate every 5 years, and at about 1 point higher than their Fannie/Freddie counter part.

I would just make sure that you have figured that in your rental income to be compared to a property that does have off street parking and adjust accordingly.

Adjustable, Balloon Payments, etc...?