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.

And yes, based on what you stated we would need more information but let's take it at face value - what if you don't show enough income to get a "traditional" loan?

During value add the value would decline if based on cap rate and NOI due to higher vacancy.  

And perhaps in that case, I am thinking to offer them cash for keys to vacate the property (After the property is vacated and condition of the property is verified) rather than hoping that this will get any better. 

They accepted his counter offer of.....................$3000!!!!

Our highest bidder, a downtown-based construction GC business, could not tell us what grade of lumber was quoted, would not share what brand of garage doors they used ("local vendors"), would not identify their steel beam and column supplier or water service vendor.

Does anyone know or any lenders that offer this?

@John UnderwoodBaseball story about the origins of Charley Horse: from an 1887 newspaper article:When Mutrie, of the New York team, suddenly began limping after running to first base in one of th[e] games played here last fall, [e]very bass ball player at once ejaculated "Charley horse."

Wanted $299 and I offered $250.

Our acquisitions person is walking properties and making offers, our project manager creates the product, my partner does dispo and I go get investors.