That is, unless you’ve done some extensive work to this property and drastically increased its value. 

I've already been looking at 75% LTV for my more conventional loans, so that's good. 13% + 3pts is another good bit of information. 6 months seems a little quick only because some banks that refinance might want 1yr of seasoned rent.. in those cases, assuming that's not factored into the agreement, how do those extensions work?

These are things to consider when taking on a loan with a balloon.That said, as a developer and flipper, I have balloons in all my loans as I am not holding them for any period longer than 1 year typically and if I go over 1 year, I can ask for an extension with my private lenders.

You'll be building equity and can presumably raise rents as you improve the property.I'd be a little careful on that sewer main replacement issue, too...those can get a little hairy having to dig up yards and streets and whatnot, depending on how extensive it is. 

HI all.  I am looking for recommendations for a GC to do interior and exterior renovations on 8-10 unit multi-family property.  Property is in the Salt Lake City area (Avenues) Work will begin by end of year.   Would ...

I have thought extensively amount my "why" and "how."

The issue is that cement board was more expensive and difficult to work with in its early days than it is now, while greenboard was cheap, easy, and fast, so a lot of bathroom renovation guys took "water-resistant" to mean "waterproof" and extensively used greenboard in conditions when they shouldn't.

This can change if adding more colors, if there is extensive sanding, caulking, and or wood replacement.

@Geoffrey Flowers when I did research it seemed that the 203k loan process was extensive and difficult to close on and would make my offers less competitive considering the closing date.

I have looked at the number extensively but my only concern is what if the after renovation appraisal is lower than expected.