LTV would be as high as I can get, depending on the loan that makes the most sense.

@Mike Wood you seem to have a good sense of local rehab prices.

My spidy sense started to tingle at "$500 each in profit," that's a lot and makes me think that either you're not properly accounting for all of your expenses or you have so much equity that your ROI is terrible.

If you go to meet ups you will find plenty of OOS investors, common in expensive markets like the one we are in.

Does that make sense?

Some of this is common for new construction.As far as repair, does anyone have ideas?  

This is a tough decision since the numbers make sense; perhaps I'll just go ahead with the Phase I that way all bases are covered and in the worst case, there'll be a loss of $2500 if I walk away after the Phase I is done.Thanks for both your answers.

Things can only go so high before they don't make sense.

I fully planned on needing to do 20 to 40 offers before getting something staying where the number made some sense.

It would not make sense to go through the hassle of getting a mortgage on a property (if it even qualifies) just to turn around and try to refi it a few months later.