The contract price was $339k less the concessions.The other difficulty for this deal was that the purchase price was well under 1/2 the exit price as the rehab was extreme, therefore, the lenders all had their red flags waiving high on this deal.I met the appraiser and provided (on the day of appraisal, not before) the following information: Comps I pulled with photos and descriptions of each, list of repairs with costs and invoices to back it up on my rehab, and letter of explanation of the acquisition price vs. the contract price.I also had a nice conversation with this appraiser over the phone the following day explaining my sympathy for how hard they have to work and how the HVCC rules have really screwed them.Wouldn't you know it, the appraisal came in at contract price which, in my opinion, was very generous.Then, just before closing and after the buyer had already signed loan docs, the lender comes back with "we need a second appraisal.

I interviewed 2 investors with big portfolios in Baltimore recently and can share that video with you if you would like a more in depth explanation of where to invest and where to stay away from just DM me 

Some hard money lenders want to see a bank statement and will ask for a letter of explanation if they see a large deposit, others wont need to see a bank statement at all, in fact we would only need a stated personal financial statement.

Hopefully @Dutch Mendenhall can provide an explanation as to why this is listed as an asset but not corroborated in the title records.

Without a full summary of the STR tax loophole for high W-2 wage earners, here is a link to the best explanation and summary I've come across and helped me digest the value of the benefit: HERE In short, the bonus depreciation rate was 100% in 2022, 80% in 2023 and is planned to be phased out to 60% this year. 

The explanation is extremely complicated and unable to be explained simply which in itself is a red flag to practicing financial planners (Who do not stand to gain a commission when selling this product)

So, I made a short video with a brief explanation.

I know I'm resurrecting a dinosaur of a thread here, but I really appreciated your explanation.

This is a fantastic explanation Allen! 

Essentially what I took away from her explanation was, a lot of owners don’t want to fool with the county on things like this if they don’t have to, which I can understand.