At least that's how it works in our market and of course depends on the size of the bank my community bank is about 350 mil. and there max loan is 6 mil to any one borrower or company. 

It’s not a one size fits all rule.

The properties should be similar in size, age, configuration & features.It's important to ensure you're looking at SOLD properties and that the price you're seeing is the sale price, not the listing price.When you're looking at the info on the properties for comparison, it's great if there are still pictures posted. 

Alternatively you could split the down payment into 4 similar sized properties to stay within your niche at, on average, 216K  with a familiar 43K down payment a pop.This move would help you redistribute your equity to help you maintain a solidly leveraged position while ensuring a positive cash flow.Either way, great pick on the initial property!  

Due to the size and zoning, it seems a win/win.The house has lots of issues and is just 1600 square feet, and the potential for income is of course better by improving the site.I'm hoping to tap into knowledge on this site.  

I've been looking at comps and here's what I'm finding:2 similar homes (1 a few doors down on the same street, 1 on a street 1 block down) of similar size (within 200 sq ft, same br/ba) have sold within the last 6 months for 159 and 163k.2 similar homes are currently for sale on the same street for 159 and 160.I'm not sure if this is enough comps to begin making an appraisal?

For the company I work for we usually charge 6% to 15% depending on the cost of the project, however we generally do larger commercial projects typically in size from $1 to $10 million.

It just depends on the quality.As you mentioned though we do not know the size and or density either.

Hey, Came across this in my reading - can't verify that all of the numbers are correct, but it seems like a good place to start for a list of limitations by state: http://www.walkawayfromdebt.com/worksheets&charts/...It's not my original work, so credit to the author.

What I plan on doing is to knock down the ranch to the foundation and build back up with the same foundation size but add a 2nd floor and make a visibly attractive craftsman home.