Then it can be determined the possibility of some of those liabilities being discounted and an analysis run to determine the financial viability of a purchase.Only at this point are you ready to consider various alternatives for property acquisition.

I assumed materials, permits, labor and drawings would be around $100/SF using basic finishings

Some can tell you what color you can paint your house and what materials you can use on your roof. 

Some of the reference material was not exactly correct and it left a ton of information out of context."

Census Bureau, Building Materials Data Analytics, Dodge Network, Construction Dive, VIP Mortgage, Cross Country Mortgage, Inland Bank and Trust, KINA, and Paul Giovannoni-Principal and Managing Director of FMI. 

I think these are way less scary than the pier and beam variety, but maybe that is just me.You then have to let the house settle for some period of time before you really set about your renovations, but you can still use the time to rip out old stuff, get your materials ordered, and gather bids from contractors - all things you'll need to do anyway.

Agreeing with Jerryll, "after repair" is a very grey area since who's to say what materials must be used or what specific updates/upgrades must be done to achieve the "ARV."

Here's a list of what we ask for in our LOIs and contracts:Operating financial statements for the property, including income statements, expense statements, capital expenditures, for the last two years of operation and year-to-date financial statements for 2020.Prior two (2) years tax returns and addendums for the Property.Current tenant leases, tenant correspondence, tenant credit information, tenant security deposit register, and delinquency report.Onsite staff payroll records to include salary, bonuses, payroll taxes, benefits, etc.Monthly owner statements and rent rolls for the past 12 months.Contracts, service agreements, and files pertaining to the property.List of maintenance all maintenance requests (complete and incomplete) for the last two years of operations.Real estate tax billings and assessments and other correspondence pertaining to real estate tax calculations at the property.Copy of Insurance Policy and claims documentation (loss runs).List of capital improvements and any and all necessary related documentation and warranties.All existing warranties and guarantees from architects, contractors, and material and equipment suppliers, all of which would be assigned to Purchase.Any existing environmental Phase I/II reports, engineering reports, soil, mold, radon, asbestos, hazardous substance, termite, or other tests, studies, or reports.Any existing appraisals.Itemized inventory of all personal property.Twelve (12) months of utility, water and sewer bills.Twelve (12) months of bank statements.Verification of additional income from operations including but not limited to application, pet, late, and other fees, etc.Copies of title policies, title reports, land surveys, site plans, deeds, or any architectural plans for the property.History of or pending litigation against the Property, its owners, or its managers related to the Property or the operation thereof.Such additional information, documentation, or access as Purchaser shall require

I work in the self-directed IRA and 401k industry which is primarily focused on retirement accounts that can be setup to allow investments into real estate and other alternative assets.

Alternatively, you could continue paying your current amount after the refi and it would be paid off in about 23 years, saving you 3 years of payments.