This one was excessive and we had in fact owned 6 of the 8 breeds excluded. 

When those costs are excluded or understated, the resulting performance metrics are inherently distorted.

Estimated hard + soft construction costs are ~$580K–$600K, plus ~$20–25K in closing costs and ~$65–70K in holding costs, putting total exposure around $680K, excluding the deferred land payoff.

Same criteria, same tool, every applicant.Data freshness and completenessA “recent” report could be two weeks old or two months old, and you have no control over what was included or excluded.

From experience, lenders tend to give the most credit to recurring, contractual other income like RUBS, laundry, parking, and storage, while fees like late or application income are usually discounted or excluded.

The strategy makes the most sense when the property has a high depreciable basis (generally $300k+ excluding land),you have higher taxable income and can use the losses (rather than just carrying them forward), and you plan to hold the property long enough for the upfront cost to make sense.

Also - if you sell, up to $500k of gain could be excluded since you're married. 

Estimated hard + soft construction costs are ~$580K–$600K, plus ~$20–25K in closing costs and ~$65–70K in holding costs, putting total exposure around $680K, excluding the deferred land payoff.

Estimated hard + soft construction costs are ~$580K–$600K, with closing and holding costs bringing total project exposure to roughly $680K, excluding land.

.– Ridge Lending Group (Licensed in 49 states, excluding NY)