If so, I've spoken with two here in Raleigh / Durham - North Carolina, and both indicated that if I wish to REFI in under 12 months, they will value the property based upon Acquisition Cost or Appraised Value (whichever is LESS).REFI based upon Acquisition Cost doesn't work for my needs, since I'm buying distressed properties and putting substantial money into the rehab to make a rental.

Maxing out a Roth IRA each year means that would be $5,500 less that I would be able to put towards property acquisition, which is a fairly substantial amount.

Today I cash flow very nicely -and have substantial equity due to both the increased market value and principal pay down.

@Bram Spiero and @Orkeem Davis, Any number of items can strengthen your case if you're ever called upon to substantiate your intent.  

All contracts, options, or other devices not based upon a substantial consideration, or that are otherwise employed to permit an unlicensed person to sell, lease, or let real estate, the beneficial title to which has not, in good faith, passed to such party for a substantial consideration, are hereby declared void and ineffective in all cases, suits, or proceedings had or taken under this chapter; however, this section shall not apply to irrevocable gifts, to unconditional contracts to purchase, or to options based upon a substantial consideration actually paid and not subject to any agreements to return or right of return reserved.

A tenant who demands discovery could uncover the deductions against the account to substantiate the claim in addition to a host of other technical violations (if a long time has passed, chances are the account has changed location and the LL didn't notify the tenant in 30 days.)

It's < $200 per month now, but of course I expect winter will be substantially more.  

They quote tax/shipping right from the cart, but lack much customization without substantial price increase.dirtcheapsigns.com - $3.80ea ($3.00ea for blank) for 100 signs; 18x24, includes wire stake, print (except blank signs obviously), tax, shipping (note that they don't quote tax and shipping until you have provided them your personal information).

Remember that these owners are quite motivated as they will be losing a substantial amount of money MONTHLY if we don't help them with the renovation costs.  

Net result: the risk on the deal just increased and likely by a substantial amount.