They will lend up to 75% of the ARV or 90% of the purchase price and rehab cost, whichever is less.

@Corey Davis you may want to consider HML for some projects and a JV for others. like Rich said you don't want to miss a deal from lack of financing which ever way you can get it.

Can i put "193k or payoff, whichever is lesser" in the purchase price slot because i dont believe him on the payoff amount? 

Google real estate assessment lookup for  your city or county - whichever one taxes your real estate.

Myranda, whichever path of REI you choose I just want to wish you success in it.Have a Great Day & Happy Investing!!

Sale price or appraised value, which ever is less, is the value of an asset within that marketing time period, after a year it will be the appraised value. 

Please know this rule inside and out (it's a little complicated):  Delayed Financing allows you to get back your purchase price + closing costs (of when you purchased the property with cash)  OR 75% of the ARV.....WHICHEVER IS LOWER.  

Whichever is best for you.

Whichever route you decide devote yourself to learning and seeking the mentorship of someone that's successfully getting it done!

First, the amount of gain up to the amount of depreciation taken or allowed (whichever is greater) is subject to the tax on unrecaptured depreciation.