- the property is based in Garfield Heights - and that my property tax will be much higher.More details: https://brickbear.ai/share/deal/1/583 Define "area not that great"......It's a high C type area.

Call the lender to confirm the details of the preapproval If your property is in good condition then steps 3 and 4 might be slight overkill but it will help weeding out bad buyersHope this helps and let me know if I can help more!

So, there's more than one way to create more cash flow than refinancing:-). 

I recommend everyone always create their own IRR calculator as they can get pretty complex and oyu will want to understand all the inputs and outputs. we provide a basic one to those in our membership group but I always recommend build your own and understand not only the numbers but sensitivity that lines up with those inputs.If you are hard money lending thats simple as its just a column of dates and amounts for loan provided and monthly interest and points.

(Fuzzy math--would need to see the details, all the other disclaimers...)You can use a rental agreement to offset the payment of the home you are departing for underwriting purposes on the new purchase loan. 

Whether you can get $580k for a 2BR house there, I have no idea.By any chance, are you modeling your reno project to end up looking like this one: https://www.realtor.com/realestateandhomes-detail/244-Myrtle-Ave_Boonton_NJ_07005_M64709-02530

Are their listings detailed with good-quality photos?

If you come to my with me on the retreat in April, I will explain every single detail of the process.

Had I not scrutinized the details, I would have unknowingly paid more than I had agreed to.This experience was costly and frustrating, and I urge all potential borrowers to ask for a full breakdown of all fees and interest components before committing to any loan.

Thank you Peter for  taking the time to provide such detailed feedback.