Also, can I cash out the full final appraised value minus what has already been paid for the house, or is there a max percentage of the value I can pull out?  

One final comment.

KrausAttorney at LawWarren Allen, LLPAs this article goes online, we will have entered December, the final month of 2021.

Purchased for $285,000All-In Final Costs: $375,000TOTAL: $660,000Current Value (Phase 1 Complete 12/2021): $710,000 ARV $1,200,000 based on a 5% CAP Rate.We are currently looking to refinance $700,000 (58% of ARV) to cover Phase 2 and a very modest profit.

One other final end of year detail is getting ready to send 1099 to any non-incorporated vendor who did over $600 of work in 2021.

Purchased for $285,000All-In Final Costs Phases 1 AND 2: $375,000TOTAL: $660,000 Est ARV = $1.2 Million @ 5% CAP What was the outcome?

@Whitney Tutt Did you do a final walkthrough close to the closing time?

@Andrew C. this is very bizarre, your parents should have received a satisfaction of mortgage letter about 30 days after paying the final required payment back in 2007.

Finally, write it off because you'll probably never see a dime.

I have few rentals and I am always working on flips that will require some minor work after the final inspection.