I'm new at wholesaleing, I have only done research and posted pics for others- basically a VA for them and finally decided to do it on my own.

Choosing a market, Interviewing a PM, learning the basics of underwriting, interviewing a lender, forming partnerships it's all covered.

So basically refinancing from an owner-occupied loan to another owner-occupied loan (conventional), giving me the ability to eliminate PMI once I reach 22% equity + capture more equity from the cash out refinance.

That's the basics.

Basically impossible to run comps and only apply value differences to a garage being present or not. 

I think everyone here has basically hit the nail on the head!

I am just trying to get an understanding of a hard money lenders basic lending practices. 

Same price (basically) for an actual house with kitchen....where you can feel 'at home' and come and go without an elevator.....

That means you theoretically have $5000 equity, but it is basically just the seller bumping the price up $5000 to give it to you. 

He basically gave this to me at cost.