Hey BP community, Looking for experienced input on a condo flip I’m currently wrapping up in Honolulu.Condo flip is 100% insured Our initial Estimated ARV: ~$600k HML appraisal came in at $725k Monthly holding cost: ~$7,680HOA/MF alone is ~$2,400 (highest in the area)Project is entering month 5 due to HOA approval delays + contractor schedulingNo clean, recent comps in the buildingNot planning to rent — resale only Given the high MF and lack of comps, I’m leaning toward a speed-focused exit (fire sell), even though the appraisal suggests much higher value.My questions for those who’ve dealt with similar situations: How much weight do you realistically give to appraisals vs. buyer psychology in high-HOA buildings?

Cap rate of 6.5, 8 years left on initial lease with 2 options.

I love slow flips I was initially apart of Scott’s program but I ended up just reading his book and implementing the strategy last month I just did a slow flip with a outstate investor who had a a free and clear  i structured the deal to have it paid it off and 5 and sold it to a local female investor who wants more because she likes to buy on terms. 

If I remember right they were asking for 40% of the initial investment and it was basically a preferred equity fund of 3-5 properties if I remember right. 

Others may structure it as a purchase loan now with a rehab line released post-close, which reduces initial leverage.

However, when I'm working with someone on a project, I have them do the initial walkthrough with Facetime so I can see what I'm buying. 

Let’s say the irs determines the cost seg was off 10% and I am paying 25% total income taxes, the error amount seems fairly small (2.5% of the initial depreciation amount).  

Initially we were planning to set it up as a simple equity split, but he has some concerns on how to structure the agreement to make sure he gets his initial investment back.

My initial plan was to meet with an investor and then move forward with building the home, but I’m unsure if that’s the best approach.

But since Boston is such a high cost of living area, the cash flow isn't great initially and I'm brainstorming ideas on how I can manufacture some equity to make the deals better.