You can't actually pay it off directly because they've been securitized, and the people who invested in those securities did so because of the specific certainty of the payment schedule.What you do in a defeasance is use the proceeds of the sale or the funds from your new lender to purchase treasury bonds that are packaged to make the exact payment amounts and timings on the remaining term of the loan, and then assign those bonds to your old lender.

My first duplex was a turnkey, off market property.

Quote from @Joshua Janus: Cleveland, Ohio is a great market to focus on for cash flow and specific pockets have gone up 2x and upwards of 4x in the last 5-10 years even!

The IRS has not established specific standards or requirements for the preparation of the cost segregation study.

For this specific project, it was around 20% of the total project cost including land cost.

But it goes to show everyone reading this that marketed projected returns are often the primary metric many investors look at.  

It may be similar to other commercial lending options, but it really depends on the type of property and the procedure of the specific lender you're working with.

If there's any specific concerns I could address I would be happy to. 

If, through the process of renovating the property, the market shifts, do you have an alternate plan for the property, whether it be to live in it until the market improves, or convert it to a rental property, etc. 

OTM = General, overhead/widescreen view of nationwide market tends.BPRE = Detailed ways specific people are making money in real estate.