The project budget includes the soft costs of things like surveys, plan check and permit fees, and professional fees for the architect and engineers, and is usually in the 12-18% range.

Partnering with the City using my VA Loan and HUD funds, they will reimburse up to 50% of construction cost (hard and soft).

But the market is still pretty soft in the area, and I need around $165,000 in order to break even (5% commissions, closing and lawyer fees, plus paying off the 1st mortgage).I've tried and failed to refinance the property on multiple occasions, even through the HARP 2 program, but everyone keeps coming back with, "you don't have a 75/25 LTV ratio, so we won't touch it".

It will be a big brush up on things. 

After one of my biggest set backs in my career, I decided to get brush myself off and get back on the horse.

The micro market got soft there was a bunch of rental homes owned by the last builder who had to hold in 09... and this spring they put them on the market causing downward pricing.. along with subs and materials creep up led to a break even scenario..

It seems like as1 of the sources rent-o-meter maybe good for checking a very broad brush middle of the road analysis for rental amount.

Not the best outcome but at least you brushed yourself off and are back on the horse.Good luck to you.

Just brushing off the minor symptoms as minor allergies or irritations, when in fact they are caused by growth in the home the whole time.

You will have land acquisition costs, hard/soft costs relative to the actual construction/fees.