However, if they do, they are likely just 'okay' with it and would likely leverage the 10-07 market rent analysis on the appraisal to actually calculate and determine the official DSCR during Underwriting.Hope that helps, if you do have a tenant who is willing to be flexible, the 12 month is always the safest bet.

@Noah Margate, if I get seller financing, I don't have that mortgage show up on my credit report, I can negotiate the interest rate with the seller, I do not require an appraisal, origination fees and other "junk" closing costs. 

If I'm understanding correctly, for a cash refinance...If you buy an investment property, fix/repair it, and get a higher appraisal, you can then take the $ difference and put a down payment on another investment, etc.If so, are there tax implications with a cash refinance?

BTW, I have a great agent, an 800+ credit score, a high paying tech job, no debt besides my mortgage, a home that's difficult to get a HELOC on because appraisers can't figure out what it's worth (I live in the country in a very unique mid century home), but only a small amount of cash.

My wife owns an LLC which owns an investment property in Conway, NH which we believe will appraise for +/- $700K.

If you have a solid track record, high reserves, you should be able to get 65% LTV on a non-owner occupied property without any credit checks or an appraisal. 

It appears there may be a built in bias in the spread between acquisition and sales price by appraisers and underwriters.

Either they did not do their homework right (appraisal comes in lower than their estimate, insurance/taxes are higher than their estimate, property did not have clear title, and/or the property has deferred maintenance) or they are shopping without having any experience in the industry. 

As long as the appraisal will support it, you can get it refinanced.

Outside of appraisal and title they keep control of the entire process; processing,underwriting, closing and funding