You have about 3 weeks to go which should be fine assuming no appraisal delays and no delays on your end.

Cost was 2018 construction costs though, so it would be higher today.See if you can find out from a realtor or even an appraiser what value it would add to the property - maybe it would add $300k?

Obviously,  your deal may be slightly different based on DP, appraisal, FICO etcThanksJared

We have seen the biggest bottleneck for us is on the lending side, especially with the appraisals. 

To me over leveraged means you have big car notes  your CC are close to or are maxed out and your only making minimum payments you go buy furniture and you finance it.. you buy real estate with the least amount possible down at market prices.And your cash reserves would only last you a few months to service all the debt.So no retail debt pay cash for anything you consume or use  OTHER Than a vehicle and decent amount of TRUE equity in your real estate no FO equity IE refi appraisal but you know the home would never ever sell for that on the open market. bascially follow Dave Ramsy and @Steve Vaughan  over the years on BP has written some really good comments on how to build an empire while balancing family life and fiscal safety..  

Many little plexes would mean lots of loans and lots of appraisals and closing costs. 

Our clients have had some great wins in this market by utilizing an appraisal gap strategy. 

@Amy Bethtypically they would order disaster inspection or 1004 d from appraiser.

Once the renovations are done and the house appraises for more, I'd proceed with the cash-out-refinance process.If I'm understanding all of this correctly, I should be able to get a new loan at 75-80% of the new appraised value.

Then, it appraised for $30K more than what we paid.