Deborah Saddler, the information that I'm organizing at this time is more based around RE definitions and concepts, as opposed to formulas in Excel.

When it's tenant occupied and time to refinance, would the commercial loan be based on the 700k total?  

But now that the house is done you get a renter in there and get a lease in place and now you can get a 75% cash out refi based on new value. 

I feel this is probably not a strong point of many GCs. 

This is not $120/ft material, which is how this is priced based on the $3,500 that was purportedly spent.

NOI is what it is, and is property-based for easy comparison.  

It's an old school one but still holding strong.

Currently based in Madrid, Spain, I'm looking to invest in real estate in Miami.

should this be good base line calculation for renting to them .  

(same process for a 6-unit you want to convert to a 4-plex) You'll need plans drawn and a scope of work showing the finished project, but quite simple The stress test will be based on the 4 units and not the 5-6 units bc the 5-6 units will not exist when the project is completed.