No mystery there.

@David Dachtera, that's avoiding the question by sprinkling some meaningless platitudes and making assumptions about the person asking the question.No shame in charging for education but I've found that when pricing is a mystery that needs to be discovered only after demonstrating my willingness to spend, it's best to stay away.

Space just has a such a mysterious appeal - the vast unknown! 

Further, you knew the Seller was mysteriously uncooperative, yet you closed anyway.  

are these awards kind of a mystery?

This is a mystery.

Mysteriously, they say they consult industry databases to determine construction costs, but then they don't come close to agreeing.

Carin Kveton, find someone that will show you their numbers and math, that way this whole DTI thing isn't a mysterious black hole, but something that you actually know and understand.More than once, reviewing my numbers with borrowers, I've had them identify solutions that I didn't think about because they know their financial situation way better than me just looking at their tax returns and paperwork. 

Another piece of info that is important in this mystery is that a novice investor (I will call him George) made an offer to Mike but I don't know any of the terms of the deal or if there was a formal deal.

@Matt Powell  this model is VERY old news  its how the turn key industry worked prior to the GFC in 07 and 08 when lenders STOPPED doing investor refis for all but the VERY RICH.now as money is rolling again they are just bringing back basically the same products that existed prior to 08 nothing new mysterious or earth shattering here. the trick though is getting more than 4 refis and you can get up to 10 if your VERY well off and qualified or you go portfolio which new players are entering the space  B2R Colony etc.