The third floor is 3-bed/2 full baths and the fourth floor is 2 bed/2 full bath.This area has a high demand for rentals.

Along the same lines, I'm going to get a much different number for the same size house, as a flip, in an A neighborhood.Again, the BP tool is great, but I seriously learned more from going through the process and really learning the math than from everything I read, and I read A LOT!! 

You can use a line of credit to perform a majority of the rehab and then pay it off once you refinance.

Fannie/Freddie loans just carry better rates and terms (in general) so we try to go for those first.Here's some bullet points on how income is calculated with Fannie/Freddie and S-Corps:W2 income – that’s easy, you probably understood that your W2 income can be added TO incomeK-1 income (box 1 & 2) – also pretty self-explanatory, but just in case, it’s added alsoAmortization/Casualty Loss – Added BACKDepreciation 1120s (line 14 & 15) – Added BackHowever….Mortgage Notes, bonds payable in less than 1 year (Schedule L, line 17)- this is SUBTRACTED from your incomeMeals & Entertainment (Schedule M1, Line 3b) – SUBTRACTED from your incomeNon re-occurring Other Income (1120s line 5) – SUBTRACTED from your incomeAnd then they would average 2 years of these data points to come up with your "qualifying" income. 

It is a 2 bed 1 bath + office apartment in an old but well maintained building.

I have a Sub - 2 deal lined up and the homeowner is very interested.

Lindsay, you could also use a HELOC (home equity line of credit).

It was from the closing company owner, it had their contact information, logo, and it was timed absolutely in line with the logical chain of events. 

You either did not price it correctly or the work you did to the property is not in line with the comps in the area.

Has 4 beds, 1.5 bath, basement is clean and dry but not finished.