My guess solely looking at your numbers is that it's an older/distressed property which means you have to account for more costs in capex. 2nd thought being it's not in the best of neighborhood then you'd have to take into consideration lower quality tenants/ neighbors and maybe increase expected vacancy and late payments.

this is where the gray area comes in with accounting.

While no property is too big or too small for a cost segregation study, it’s important to speak with your accountant to ensure the benefits outweigh the cost of the study.

In other words, not resold to the government so the bank had more flexibility on the condition.I look at the original commitment letter and it states "xxx amount will be advanced at closing for the purchase of an investment property, and the remaining balance of the loan to be placed into an escrow account to be disbursed as improvements are made".No points, and only one closing, so I don't have to deal with a short term HML that I have to refinance in under a year.Hope that helps!

You must find a team with a long track record of experience that you can hold accountable.

Getting a bit overwhelmed with all the required County Level and City Level business licenses, STR permits and Tax accounts (Business Tax, Franchise & Excise Tax, Sales & Use Tax) to register with the state.

(I'm managing partner of small CPA firm.)I think something like ChatGPT does do lots of really good stuff for tax accountants.

This is a very common way for people to investing using their retirement accounts.

Quote from @Sam Wilson: We invested via a retirement account.

A lot of rehab lenders will account previous reno expereince when it comes to terms.