But now that the house is done you get a renter in there and get a lease in place and now you can get a 75% cash out refi based on new value. 

I am sure things are left out and others will have their opinions, so am saying this now, "your mileage will vary! 

-Taking 10% reserve for vacancy, PM, and Capex-5% for repairs -All other numbers are standard values based on my area.

When it's tenant occupied and time to refinance, would the commercial loan be based on the 700k total?  

Each area has pros and cons based on why you're investing and the life resources you are able to allocate.

Hi @Annie Balagot - I'm a broker, investor, landlord, etc. based in NYC & Westchester. 

The fee can vary but typically in my market that is 20%. 

(same process for a 6-unit you want to convert to a 4-plex) You'll need plans drawn and a scope of work showing the finished project, but quite simple The stress test will be based on the 4 units and not the 5-6 units bc the 5-6 units will not exist when the project is completed. 

Currently based in Madrid, Spain, I'm looking to invest in real estate in Miami.

But can vary depending on your syndication structure/filing.A good attorney will be able to steer you in the right direction with this.That being said, these questions always make me wonder.