Whenever I put together a new team there was a 1-3 month period in which they worked together at ever increasing levels of efficiency until they “gel”.They began to interpret and understand one another at higher and higher levels and could anticipate one another's next moves on patrol with few or no verbal cues.

Purchase price: $110,000 Cash invested: $48,000Due to the timing of this deal, the renovation has been taking longer than anticipated.

That way if rates do not come back down and you end up staying there for longer than anticipated, you are somewhere you want to be :) Just my two cents!

What is the next project and when would do anticipate timing?

I think this is the only wave of units we'll see hitting the market in large numbers.I don't anticipate the law change leading to a noticeable effect on the market island-wide, or on specific buildings, that were heavy on STRs.  

I deal with some cities and boroughs who are an absolute breeze and its a very easy thing, but I have also dealt with boroughs who have made jobs take an extra 6 months longer than anticipated and an extra $10,000-$15,000 because of the way they do business.

Or do you go off of the anticipated purchase price?

@Mandi Martinez I would suggest sitting down with the contractor and asking how much longer do you anticipate to be working?

Is anyone seeing a decrease in their occupancy or their nightly rate outside of seasonal changes or anticipate it within the next 12 months? 

If you anticipate an appraisal in the $170k-$180k range, you might be able to cash out around $127,500 (assuming a 75% loan-to-value ratio).