So there are a few ways to look at this, the 1st question is are you sure your renovation’s will double the property value, most renovations on primary residences, your lucky to get 60-70% of the dollar cost back out upon sale, so really nail down your comps, than you have basically a math problem if your rate on your primary goes up how long if ever before that extra payment is more than 400k in taxes, that’s just a simple calculation to help you decide, but I suspect you actually have a different question here, from a purely financial perspective my guess is the best option is to do anything to avoid that tax hit, but one of the reasons to make money is to spend it on things that you enjoy, based on your overall financial picture and a subjective view of how much enjoyment you will get out of a renovated home, you should decide if you want to roll your profit into another deal or “cash-out” your winnings, I love cars and I’m willing to spend more than is fiscally smart on them because they bring me joy, there is nothing wrong with that, but i don’t think it’s a fiscally smart choice, without knowing your exact property id imagine a renovation would fall into that category, so that’s the terms I would use to decide.

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. 

-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.

NOI is what it is, and is property-based for easy comparison.  

If no reply, let them know that you unfortunately have to send a notice to quit without a signed lease...but it won't likely come to this with a simple phone call.

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

I would put in writing a request for all communication from the property manager including the caseworker name for the tenant and name and phone number of your tenant (if you don't have) and start contacting them directly to find out what's going on if your PM company isn't being responsive.Good luck.

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