First, I am planning to refinance the portfolio when the rates go down (whenever and if that occurs), so I'll probably not be realizing much of the principal reduction value as opposed to if I kept the loan for the full term.

No taxable event results, and the assessed value of the property remains unchanged.

Not sure if anyone responded here but if you’re still needed assistance valuing the property, let me know.

I'm looking to do a value add, so I can cash out refi in few years.

I'm interested in buying the property and would like to see if the owner has any interest in selling the property for a reasonable value.

In most cases, this is enough information to figure out if you have a deal that is going to benefit the client and make sense for them (this is assuming you can get an estimated value of the home you'll be refinancing through other means, otherwise, you might also ask them for their estimate as to what their home is worth).If you're past this point of figuring out whether it's a deal that makes sense for them and you haven't run automated underwriting to determine what documentation is being asked for, here's a pretty standard list:- 2023/2022 W2s (any/all jobs worked during these years, regardless of how long they were on the job)- Most recent mortgage statement for the loan(s) you'll be paying off- Copy of their homeowner's insurance binder or contact information for their homeowner's insurance agent so that you can request this on their behalf- Most recent pay stubs covering 30 days (typically this is the last two pay stubs)- If the property is in a homeowner's association, you'll want a recent HOA statement showing how much the borrower pays for their HOA dues- Copy of the borrower's driver's license or ID card - front and back- If your deal requires an appraisal, you may want to get payment information from the client now. 

Our realtor had a reputation of closing deals and estimated the appraisal value very accurately for our offer.How did you finance this deal?

@Michael Oliver, some DSCR lenders will go down to a $75K value and a $50K loan amount.

Conventional loan How did you add value to the deal?

If you bought this sept, you will not be able to use the new value to take any cash out with a conventional loan until next sept. so, you make sure you are comparing apples to apples.