I'm open to properties were cap rate is around 10%+ and Return on Cash is 10%-20%. 

But the real test of this company's character came with the most recent loan I tried to close with them.First, I thought the loan rate was locked, and it was not.

Was going for the best cost-of funds (lower rate)

They should do a cash out refinance or a HELOC when rates go down to tap the equity. 

Just about everywhere in the US uses some version of IRC for its base code and then makes some changes to that as they feel necessary for their locality.

Of course the rate is higher with 15% down, but it helps investors get that property secured with less out of pocket.Happy to help if there's anything you need.

I was playing with the idea of selling my condo, taking 300k of the equity to put a down payment towards a house listed at 660k.I'm assuming the reno will run $300/sqft and going in with the assumption that phase 1 will run 750k (figure the expansion of the house will have to wait) for the gut reno.I assume/hope (but definitely not banking on) that I will be able to refi in 2-3 years at a lower interest rate; if not for a lower rate.This will likely be a family home for the next 5-10 years at LEAST so investment value isn't quite at top of mind ATM.Questions:Even if it's not for lower interest rate, do you feel it's advisable to refi to remove the 203 loan in the future?

This kind of changed my thinking David thank you. 

I track the principal as a Liability account in Xero, and whenever I add it to a report, it always shows the current balance, rather than the change over the chosen time period (like with expense accounts).  

Be sure that you are honest from the jump, your estimated rate are only as good as the info you give them.