You could build that in phases and finish the first 4 and then get your lender to do a construction loan on phase 2. 

What is common and what people expect and by people I mean the people who would live in that finished unit not the peanut gallery.

Mid May I finished a rehab.  

Or, once you finish your exchange you can immediately do a cash out refi, which is not a taxable event and you can use that for any purpose you want.

Once I finish doing my homework and narrow everything down, I really hope we can connect. 

I got good at estimating renovation costs by making an initial estimate based on photos/walkthrough, drawing up a model like you see here, then once the project is finished, go to accounting, get the actual expense report for that property, and update the model.

But finishing off planting 3,000 more teak seedlings.  

Quote from @Raj Vardhan: Hello,I am new to the entire refi process and looking for some direction here:I purchased a foreclosed property 2 months ago using hard money and close to finishing the renovation.

If you have a finished product, they won't move in for 60 days but your lender requires signed lease and/or move-in for refi...this will delay your refi.

A picture is worth a 1000 words and a project we helped someone on in the UP was able to gain support and approval by getting renderings done showing what the finished project would look like.