There are some key details lacking, but I'll make some assumptions, and you can fill in with more questions.Small Multi-FamilyLoans are very different on 2-4 unit buildings Vs 5+ unit buildings. 

Talk to a property management company or local investors to make sure your assumptions are realistic and that you haven't overlooked anything. 

That had nothing to do with the value of the property at the time.So your cash out refi is based on the appraisal value and not the purchase price.The assumption is that if you bought an investment property, I would hope that you got it a discount of at least 20 to 25%.

Hi @Jacqueline Williams (I am going to work under the assumption that you're not referring to MLS properties with stated commission.

Is he making an assumption that I already has an opening to the outside from the vent we replaced? 

I think I'm going to pay some professionals to help me talk out the assumptions and run numbers, but this has all helped me put a finer point on what to ask.

Interestingly, there are several points to be made here:One - you are making an interesting assumption that your money has much to do with RE.

Don't make assumptions as to what a person who is deaf needs or wants, just ask.

I have encountered some potentially deadly situations where my first assumption was, "there is no way that is live", only to find out with my "tick" tester that it did, in fact carry voltage.In my opinion, the cost of a decent tester is worth far more than going "cheap".  

Again, I will just roll with an assumption that you just meant Property Management Expense which typically runs between 8-10% of EGI.5) Your Maintenance (Mtx/CapEx Reserve Account) again is hard to determine its accuracy since we're not sure where this property is located, the condition of the property, actual & effective age of the property, etc.