The only new schedule would be for assets in excess of the unadjusted cost basis, but with that why not just buy a new property and get the full depreciation benefit? 

.  The first infection was a long time ago and I don’t remember the exact attorneys fees, but I believe it was an excess of $5000.

We are all learning the costs and impact to real estate of excessive stimulus and government actions and loose monetary policy.

If the answer to #2 is no, I guess the excess EMD comes back to me during closing disbursements?

My issue was that on top of the the money I put down, the 2 points up front and all the other excessive closing costs that HM comes with I now had to come up with an additional $22k(or a portion of) to get the rehab started.

On another note, even if they have excess funds for a project, it does not mean that they are willing to spend their maximum budget, they usually think that if they spend less, they earn more, usually contractors get the short end of that stick.

I don't think the HOA board is particularly interested in kicking my tenants out to the curb or fining me $100 per day, they want to get rid of excessive rental units in that community. 

@Michael Plante fair statement, but all proposals now on the table are far in excess of what I am looking to do.

(A) Any security deposit in excess of fifty dollars or one month's periodic rent, whichever is greater, shall bear interest on the excess at the rate of five per cent per annum if the tenant remains in possession of the premises for six months or more, and shall be computed and paid annually by the landlord to the tenant."

In this way, I view the excess equity as an insurance policy in the beginning.3)Your property value will go up after you fix it and stabilize ... refinancing then allows you to pull most or all of your initial investment out if you like, and possibly with better financing terms since the property is fixed, stabilized, and "seasoned".4)By "seasoning" the investment first, you will have a much better idea what the actual financials are, and can therefore better predict how much debt burden it can support and still safely remain cash flow positive.Downside is you need the cash and it is locked in the property until you cash out refi, and it is not 100% certain you will be able to refi when you want and on the terms you want.