But this is the bread and butter of what I do in Detroit.Pay cash, do the renovations, then refi out.As you mentioned, you need to be confident in your comps so you can put an accurate ARV on the project before you pull the trigger. 

Driving for dollars is a very time-consuming task and even if you target distress properties that its only one layer of motivation which for us is not the one that triggers our sellers to be motivated.  

I figured that this might trigger a Change in Accounting method.  

Our plan is to hold long term (10+ years) and likely pay it off in 5-10 years to act as supplemental retirement income which we plan to get to with a couple more properties paid-off in Tulsa eventually.Would you pull the trigger on these two properties based on our goals?

We found a property that we like a lot and was getting ready to pull the trigger on it but wanted to know what would be the best strategy for us without going the conventional loan way or FHA way due to having to; 1-having to put down 20% for conventional and 2-having to live in the property for a minimum of 1 year with the FHA.

Note that if you are 55 in an 401K and leave work, you can access those funds.I know folks that have pulled the trigger and just taken it all out. 

If a property is transferred to an LLC, would that trigger a new appraisal for property tax?

Yes, I foresee many potential issues that you'll want to consider carefully before pulling the trigger on an OOS property in a C or D area (see my previous post for details).Good luck out there!

However if you plan on buying 3-4units, there is a trigger rule for FHA, it is called the self sufficiency test.

How important is it to have a list of team members before starting out---Should I just pull the trigger on a place and send an offer if it works financially and learn by trial and error?