On the plus side now I will have a recorded Certificate of Occupancy with the city, as this property will be a long term hold for me most likely.

Here is where you can find the recording (1.5 hours) of the planning board meeting: https://fb.watch/rcVsDnzZAW/Here is where you can find the meeting notes from that session: https://engage.buncombecounty.org/B67643Hope that helps anyone else following along with this discussion!

The goal is for them to prove a track record of payments and leverage that to refinance with a traditional lender into a lower rate.

Prices a few years ago were based on expectations of (in addition to interest rates staying low): - Then current operating cost assumptions (like insurance cost expectations being flat)- A seeming disregard for record levels of new inventory / supply hitting the market- Extremely high inbound migration expectations which are likely to not be met, due to both natural disasters and the boomerang effect when people from California or the Northeast move to the American South and hate every minute of the humidity, the large and relentless swarm of insects, and the occasional hurricane. 

If that happens then the tax record is updated by the effect of transferring the property.

Maintaining a financial track record for your project is facilitated by effective budgeting.3.

Lending and insurance are based on predictability and without question the frequency and size of losses will continue to eclipse prior records.

And you need to keep detailed records of all repairs and improvements.

Accurate records of all expenditures are essential to claim deductions and calculate the cost basis for future capital gains taxes, including depreciation recapture.This post does not create a CPA-Client relationship.

Also CC a copy to the tenant for their records.