(This allows us time to raise rents plus appreciation over 5 years to then do a portfolio refinance to pay back the line of credit). 

Check out other online guides available here: https://www.biggerpockets.com/guides3.

Thanks for joining BP and I hope you get value out of the forums. 

The sooner you reach out, the better when an issue like this appears.I would also check with your city.

Depending on the Investors Investment Strategy,  things may work out.

For a building that size I would expect they would have had someone like a John Burns or someone else provide a report to understand the comps and current absorption rates and vacancy rates for this class of building.Now that you have invested, it cannot hurt to go out and view the property but what are you trying to accomplish by visiting ? 

Cash out refi: When you cash out refi the property, the BOR will most likely increase the tax to match your appraised value.

Still hanging on to it, but will likely sell when current tenants move out.

Hi all,Brand new to BP and just starting out with multifamily RE.   

How much cash have you already injected into the deal including soft costs like architectural fees, permitting, etc...that you can document.