Twice. lnterest isnt locked in and interest went up and he now mentions constuction paperwork with totals has to be reviewed and takes 30 to 45 days plus expect a back and forth. lm suppose to close soon. 

@Brian Burke so pretty much the investors' capital would only be paid down or off in the case of sale or refinance, correct?

Meaning you will only be able to get 75% LTV cash out and on a $225K value (if appraisal comes in at $225K) your looking at a loan of $168,750.00.You have to factor in closing costs and your loan payoff which might put you around $138K to $140K which leaves you with $27K +/- in cash at closing.

Lastly, upon closing on the property, have your tenants sign updated lease agreements.

And here is what I have closed for him in the first 120 days.1. fix and flip  he put up 10k I always require the first two deals to have 10k into them then i fund 100% of everything after that. 

In 2019 there were 10,000 homes for sale in the Poconos.

That percent of the sale and proceeds goes into the 1031. 

My point being what is so much is dependent on the age of the homes, what they are worth on the open at a fire sale discount and what are they worth to you? 

My understanding is that it will mainly be derived on the life tenant's age and value of the condos at the time of sale.

In fact I had a friend in college (RIT) that came to Rochester (upstate) thinking he would be close to NYC....