I have looked into Angle Oak and Truss Financial.

In the short term rental business there seems to be a wide range of different types of rentals that are apples to oranges, especially from a financial perspective.

Wheat Ridge is a wide, flat city that butts butts up against the city of Denver on Denver's west side.

@Ray Loveless You can't look at this as a state-wide issue...sure there is revised code...and yes, comparatively the ORC is pretty landlord friendly.

The 50% rule states that approximately 50% of EGI will typically be consumed by operating expenses.While the 50% rule provides a quick estimate, actual expenses can vary widely depending on the property type, location, age, condition, tenant mix, and market conditions.Here's an example: if a property generates $200,000 in EGI per year, the 50% rule suggests $100,000 would go towards operating expenses like taxes, insurance, utilities, and property management.

I'm just a guy finally posting on BP after years of reading while I built my business but I just wanted to offer your a different angle to look at the problem and say, "how much would it be to buy the shell house and roof it?"

Very, very few people in wholesaling business share the real angles with strangers.

So, I don't think comparable sales of properties that can be built on would be very useful and non-buildable lots are likely to be all over the map depending on a wide range of factors making each of them unsuitable for building.

All available loopholes, which allowed deregulation of units were, unfortunately, closed by our elected officials, except the substantial rehab strategy, which requires 80% vacancy throughout the building and 75% replacement of all building-wide systems, you are essentially forced to renovate the complete building and still at the mercy of DHCR.. which has the final saying

Most lenders are going to be limited to using the lower of appraiser's opinion of market rent or the actual in place lease (or in some cases 110% of market if lease is greater) so it sounds like you just need to roll the dice on a new appraisal but I'd recommend having some rent comps on hand for the appraiser up front just to avoid the same issue.  75% cash out pending positive DSCR is widely available at most DSCR lenders.