Since refinancing is just getting rid of your old mortgage and replacing it with a new mortgage, the same initial rules apply.

Anyway, due diligence is a checklist process...and the first 3-days in contract are fast paced to keep you protected....the initial goal is to preserve your capital...that means a contract clause requesting an agent walk through with copies of all leases, rent roll, and income and expense reports within 48-hours is standard.

I didn't mention this in my initial post, but we also have a separate emergency fund already running for this startup, with about $10k saved so far.

Regardless of what an investment summary looks like, you have to be able to swallow your initial impressions (good or bad) and look at the numbers and business plan for what they really are.If you decide to invest because the investment summary looks pretty, you may be putting yourself at risk, if you haven’t done proper due diligence on the deal and the team.Project name (often the name of the apartment complex)Photos of the property and areaOverview of the submarketOverview of the dealDetails of the business planProjected returns and exit strategiesDetailed numbers and analysesTeam biosIn a 1 page summary, you get bits and pieces of each of these elements, though you would need the full investment summary to get all the details.If this executive summary landed in my inbox, here’s what I would do.

In San Diego average purchases have bad initial cash flow (large negative) at 90% LTV. 

Cash flow right now is based on the initial value of the property. 

I also always make my initial buyer reps for a very short time - like 30 days, in case we don't click.

It may vary by lender, but they will either do a desktop appraisal initially, but will allow for a full/in-person appraisal if the desktop appraisal amount is not to your liking.I've seen it take 3-6 weeks and as long as 2.5 months.

Imagine the same scenario with a duplex that was built that way from initial construction. 

Remembering our initial why gave us all the clarity we needed.