@Jay MersfelderStart using hard money lenders they don’t go off your personal financial statements, they usually use the asset to determine if they will lend.

You addressed my concern perfectly which is, what happens if the inspector determines that only $5k of a $15k budget has been completed, and they only reimburse me $5k.

If the capital provider wants stakes and equity on the property is there a typical way to determine who gets what percent of the stake in property?

@Kevin SobiloSo how do you determine if it’s worth going and bidding on the property?

These can sound simple but are great foundational metrics that help determine the momentum of a market. 

I've been told by a few more experienced people that a commercial lender would typically use a cap rate of around 8% to determine the value, in which case we'd be able to pull all of our money out and still have strong cash flow. 

Run the numbers again and determine if this is still a good investment based on the updated info. 

I called every lender in my county and asked questions so as to determine what their "appetite" for lending was. 

These would simply be to determine your taxable gain.You will however have depreciation recapture taxes due, for the period it was a rental, whether you claimed it or not. 

What determines your residency?