You have to remember that the LTV on the re-fi is going to be at 70%LTV and conservative...BRRRR really isn't that great unless you have a screaming deal...most folks that BRRRR with a lender involved get screwed when they have huge renos or unexpected costs with the combination of being incorrect on the ARV...it's really a pretty advanced technique...and there are very few places in the country where you can find deals to make BRRRR worthwhile....sometimes economic condition may create a good BRRRR climate, but those days are passed...

Did I do something incorrectly? 

Nope, your assumption is incorrect, it's like any other deal, solve the problems of the seller and you get a deal. :)Gurus....probate as a niche, LOL :)

(I'm glad you're not getting a free one offline ... that always worries me as they tend to be incorrect)Tenant Application - Online tools for this are very good.

Then, when I started looking at the numbers, I realized that I was handling CA real estate investing incorrectly.

Seller has provided me the majority of the collateral files and I found that the address listed on the original note, DOT and subsequent assignments/allonges are incorrect.

Sounds like either a property condition issue, poor marketing, incorrect rent pricing, or a combination of all three.

If this were swapping out fixtures and updating finishes I can see the temptation to just make the repairs as a property owner but what you describe is a much more complicated project and if done incorrectly without permits you could be opening yourself up to future problems.

@JR T. you are incorrect. $500 a month for 100 months = 50,000.

Lots of inaccurate and incorrect advice here.