The advantages of debt are not the simple math of cash on cash ROI.

The math is beyond me, but it pretty much negates the purpose of the conversion. 

This thread was a big help on doing the math for our (hopefully) first property.

I run comps, I drive the area, I walk the property and I do the math.  

@Michael GarrisonBest Sub2 use is a buy, fix, & resell.I like JVs with home sellers instead of wholesaling on minor rehabs.Do this math:```````````````````$200K ARV, $20K in work, free and clear of loans.70 x arv - rehab = 120k to seller````JV w seller$200K - resale costs - rehab costs - interest on loan - JV fee to investor200k - 20k to resell - 20k - 2k - 10k to re investor$148K to the sellercompare to above $120K to sellerYou make 10K by helping seller sell.You can do on sub2 or private first mortgage.

(you are an agent, so I assume you can look into TICs) You could reverse the math on all the loan math and see what is worth and come up with those equity percents.  

Your math looks correct but I'm not an accountant either. 

Then you can easily do the math: savings of refi + cost of refi = gain/loss

Plus she's hilarious and sweet and we love her.Our agent had been making a number of unsuccessful "low ball" offers on properties on our behalf, maybe too low (I'm admitted the super-conservative math nerd of the partnership), when Christina noticed a property on her way to work that had a real estate agency sign in the yard, so she makes the call (yay, another offer!)

In most cases I noticed even after HOA the math shows some cash flow on top.