It's a pretty quick and seamless process.I also want to add, that notes actually require very little "work".

Will, Your question doesn't make a ton of sense, as it appears you're blending together concepts related to wholesaling, buying & flipping, and buying & holding for rental purposes.So, to start, clarify a bit what your goals are; Are you looking to identify properties to wholesale? 

The leases, financing, rent increases, blended cap rate over the primary term of the lease, and exit strategies have to be thought out well in advance before purchasing.The exit strategy and targeted buyer would vary based on what purchase price you are talking about.If as a direct investor you are talking multi-million properties putting 25% down then you can land quality corporate backed leases.

Not always the case though   sometimes it can be very seamless.        

But the children were willing to sell it to me for $305,000...so, in this transaction, the FMV really was $305,000.If you're thinking of "wholetailing" other properties (a blend of wholesaling and selling to a retail buyer), I can think of two ways to come up with the FMV.

More so getting the loan against the house and how to make this seamless.

There are strictly cash-flow and strictly appreciation style investors and then there's the blended type that look at the IRR (internal rate of return).

Are you interested in just a blended, blanket overall average?

I do it this way to (1) avoid unnecessary appliance moving at move in and move out time and tenants can just move in and out seamlessly and not bust up my walls and tear up my floors as much (2) to avoid becoming an appliance repair man after 6 months, and hauling new ones in and out all the time myself. 

I blended the two to serve my needs.Hope this helps,