By renovating the unit with the damaged subfloor and adding basic improvement to it and each of the other units as they come open, I plan to add 25-35% additional value in the next year or two.

Thanks to the Cost Segregation Study, the property investors accelerated the depreciation that the first year depreciation was approximately $182,900.The use of the accelerated depreciation strategy helps real estate investors to reduce the tax liability immediately which therefore increases their bottom line due to the offsetting of income.

Surplus would go to the HOA and if there was still additional funds it would go back to the owner/borrower. 

This policy will provide additional coverage above what your existing policy covers.

In addition, the Dallas market is about to decline significantly.

Appreciation means rent appreciation in addition to the value of the property.

The way I got around it was I had capital that I could use to payoff the load and then the bank issued a new loan for the BRRRR amount, which I then got my capital back plus the additional capital based on new ARV.  

In addition to considering what lenders opinions might be (currently Fannie and Freddie don't want to see any more than 10% of units being STRs but not sure about LTSs).

Reducing vacancies will be very important in a competitive market.

It would convert the existing structure from a 2 bed 1 bath, to a 4 bed 2.5 bath, adding an additional 2000 square feet of space.