If you were only going to net 10k and the fees male you a lose then it was never a good deal.If you keep project costs less than 72.5% of the ARV then no lending can screw you. 

Would love to hear an update on your progress @Bree Jimenez  did you move forward on a project?

The other thing could be tracking what you have had come up on the last 5-10 projects after closing, i.e. the water heater was at the end of life when we bought the last 6 out of the last 10 properties.

DSCR loans are usually what I recommend to ensure approval as your qualification is not based on your income but the projected rental income of the property.

@Ryan Cousins it's really going to depend on YOUR analysis/projections of what you think the property will be worth in the future.You'll want to compare that to any capital gains tax-savings if you sell now.

Seems to me that area is massively over build or going to be overbuilt for the foreseeable future..

The 7 isles project hasn't even started.

When you add purchase price, carrying costs for at least 6 months, materials, labor, real estate agents costs and taxes, do you have at least a projected 10% profit?

It helps to know which plumbers or electricians like a remodel project vs a new build project.  

Or take the proceeds and do the next project.