How to nail the ARV?

[Douglas Goldstein]

I'm determined to do a BRRRR but have some questions about the process:

1. In order to get the ARV just right, should I have it appraised by an appraiser who walks through with a contractor? So that they would, together, agree on what needs to be done to get it to a certain value?

2. For that matter, can you ask any appraiser to give a current value and the ARV? Or do appraisers not even do that?

3. How do you make an offer without being able to do that independent appraisal first?  Or is the offer a best guess, and if the appraisals don't match you walk away?

4. I intend to not use my own money for this, instead to get a loan from a hard money lender. And when all the rehab is done, get a conventional loan to pay the HML back. Is this a red flag? HMLs seem to charge hefty fees -- do those fees make that plan difficult?

Any thoughts for this here newbie would be appreciated!