The mortgage I have in place has a waterfall prepayment penalty, so 5% penalty in the first year, 4% in the second year, 3%…and so forth.  

To calculate the cash-on-cash (CoC) return for the rehabbed unit, take the annual rental income from the newly rentable unit and divide it by the capital invested in the renovation.Formula:CoC Return = (Annual Rental Income) / (Rehab Cost)This will show you the return based solely on the funds you put into the rehab.

Thanks in advance for all the great feedback!

Then you might see where you fall in the list.

Any advice on what you would do in my shoes?

I am not sure if the BRT abides by strict adherence to the 4:30 PM cutoff shown in the instructions. 

I will help you do it in SD if you decide to do it! 

He was a consultant that was in town frequently and hated hotels. 

I do have a new opportunity that I have under contract with a plot of raw land in the same area. 

I would be happy to run some properties for you through AirDNA if you have a few in mind that you are vetting?