Consequently, you need to explain that fact to him and his electrician swiftly so there is no ambiguity. 

Be firm and fair in your tenant interactions, screen well, have a clear and comprehensive rental agreement, take swift action if a tenant does not comply with the terms of the rental agreement, know landlord-tenant law better than your tenants, take reasonable precautions, have sufficient insurance, have a good professional team which includes an attorney, maintain good business practices, respond to tenant needs in a timely manner, be respectful and courteous, be a community player, and landlord with integrity. 

That assumes that you have a great attorney and that you moved swiftly.

Some folks use the Marshall & Swift Home Repair and Remodel Cost Guide (2008) for estimates.

@Sara Swift I often get investors that have the fear of canceling because of open issues or funds being held for unreasonable purposes. 

Think about what the most successful STR operators offer:- A unique, "home away from home" experience that virtually no hotel can replicate;- A prime location that might have magnificent views or be close to attractions;- The ability to house an entire family/families under one roof;- Often a level of service reserved for super high-end hotelsTuro, on the other hand, mostly offers cheap cars.

He pointed to things like the Magnificent Mile in Chicago, Abbot Kinney in Venice, CA, Bedford Ave, Brooklyn, etc.My first investment thesis was this idea squared.1.

There is one clear fact - the average earner's mortgage capacity versus the mean home price has inverted swiftly in 2022. 

Thanks for your swift reply and congratulations on your awesome deal

@Patrik Kusek While there are DSCR lenders that can do <$150,000 loan amounts, that is generally not the norm and is more troublesome than it is worth in most cases (that's why most DSCR lenders don't do <$150,000 loan amounts) In your situation, I recommend working with a local bank/credit union since they have the local area expertise and are far more likely to work with you on the cash-out with swift (even minimal) underwriting.