Or, just keep going as I am, doing delayed lending to cash out after I make repairs and get a tenant in them.

Once you move out and rent out both sides, you should be able to cash flow.

Make sure the $400-$500/month cash flow is enough to cover unexpected costs.It wouldn't hurt to look for other refi options or consider a different loan option, which might offer better terms.

This post is my small way of advising against that and hopefully steering some people straight.There's no shame in sitting on cash, building reserves, and being patient right now.

Control more cash in MM or CD's so we don't take the full inflation bite, holding cash. 

Purchase price: $1,800,000 Cash invested: $960,000120ft tunnel carwash with 3 detail bays and an upstairs business office. rebranded the carwash business to match the same name and logo as two other carwashes and offered a joint monthly unlimited wash pass that was usable at any of the three wash sites!

cost: 1,300/mrunway: 4 months = 6,800spread: 1900all in cash: 138,800Income a year: 22800/y ÷ all in cash = coccoc: 16.43%seller sees offer: 250,000sub-to 120,000sell fin: 500 w/ 0% intrest term: 13.33 yearsdown: 50,000

Then subtract your debt service to get your cash flow.Income taxes will be taken out of your cash flow based on which income bracket you fall in. 

If so, given everything you have described - another option might be to cash out of it and take the money and run.  

When people here send me private messages or ask me on a call, one of the many things I'd tell them if they want to buy pre-construction is to check the developer's construction license and that it complies with the zoning rules (and I'll tell them if I know what those are).You woudn't believe the amount of people that are ready to put a sizeable amount of cash on the table but won't spend the little extras needed to make sure they don't lose it.