@Ryan DeRobertis Curious to know if you made it down to PR and what you may have learned since this was originally posted.

He ended up having to sell the home instead of renting it out, which wasn’t part of his original plan.

Depending on the lender (bank or alt. lender) you have to look at origination fees....points, doc prep, interest rate, frequency draws are allowed/min. draw amount allowed per request, interest payments vs. interest reserve & whether interest reserve is capitalized to fully understand the true cash requirements.

If I add up all the lender fees and my holding costs—like points, origination fees, and interest —I can figure out how much profit I’ll make and what my maximum offer should be.

So you might as well be a head of the game do the cash out refinance buy the next 1-2 properties and simply refinance the original mortgage as a "rate and term" which carries a lower rate.

According to @Andy Sabisch's original post, I think he is asking for advice on how to confirm the veracity of the neighboring tenant's claim.  

they make money servicing not originating new loans. 

Cameras originally were 1K and now are 4K.  

I'm originally from BR and am fairly active there. we see a lot of inventory so also happy to chat offline about this

Understand Replacement cost versus original building costs.