MSP is a pretty progressive place so I dont think adding a duplex or even a 4plex to a single family neighborhood would get a huge amount of pushback from the neighbors but you want to do everything respectfully.

Unless feds pass a safe banking act you will be handcuffed to private money funding (there is talk of this progressing which will be huge for the industry, not only for RE side but for operators who have to currently fund everything, no line of credit against ARs is a big squeeze on operations which trickles down to the landlord) if you have a current mortgage in place you will be likely be at risk of having your note called (doesn’t always happen, but is a risk).

Or are you saying that will give me the first part up front, say 1/2 or 1/3 or whatever, and then as work progresses and the inspections are made, they will give out the rest of it through the draw schedule?

If you include some older comps you will get a more conservative number and this is more likely to be accurate (but still should be a lot higher than the county tax assessment). 

I plan on making huge progress in my portfolio over the next year.

Remember, buyers will assess the design and quality of the home before making an offer.

That's funny, because the Bigger Pockets Best and Worst Markets for Residential Real Estate Investors, 2016 recently listed Providence in the "The 10 Worst Markets for Real Estate Investors".Between the two, I think I agree with the Bigger Pockets assessment over the Realtor(R) research, at least for the evaluation of Providence/RI.

Can you move to another broker for the two deals you have in progress?

That's the only way you're going to get eyes on the property and get an accurate assessment.

You are subject to special assessments and increase in dues with no real say in the matter.