Do you judge a total rehab by cosmetic needs or in this case leaking pipes total re-wiring and current the condition of the pool in addition to needing flooring cabinets, etc.

So if your plans differ significantly from what it was originally planned the infrastructure will need to be modified.You should asses the current condition, you can hire a civil engineer to go out and take a look at the pipes, stub out locations, grading, etc.

Ask your lender what paperwork will suffice the condition.

You can see what exactly they're looking for, and if it's something you're even close on after you get all other details (condition, occupancy status, etc.).

The biggest thing is to make sure that it is sloped properly and all the flashing and roof membrane is in good condition.

Condition: 18/22 have been renovated to bring them to market rentable value.

400K for a MFR is very difficult to find anywhere in the boroughs or LI unless you're paying cash and/or can deal with additional issues on the property- i.e. non-cooperative tenants, poor property condition, liens, violations, open permits, etc.Another option could be finding a partner to co-sign on the loan with you.

Do I refinance in its current condition or do hard money loan for exterior stucco, windows, a new roof and then refinance?

It may be more beneficial to tear down and build new depending on the condition and comps in the area.

The reason is, your gonna ask me for a discount due to condition and then I'm gonna wait for weeks if not months for your 203K loan to get approved and funded, whileif I get a cash buyer, I might have to still give a discount but, we're closing in days for the same purchase price you were going to give me.