Detroit is also part of a larger problem that Jon alluded to, elected officials across the country see demands for services but objections for the taxes to pay for them.

UPDATE: My "first deal" is officially dead.Whatever, NEXT!

Since ARV is a moving target (changes every day) appraisals are a way the banks/lenders can determine the "official" market value of the property.

Of course, the code enforcement official who has sent renters to me probably put in a good word too ...If I had to, I could let them speak with one of my tenants too.But this has never arisen,

All I know is that Guidant (and the attorney they hired for me) told me everything I was doing was fine, and they'd occasionally send me some documents that they said were very important and that I must keep them with my plan documents to avoid running afoul of the IRS.I didn't feel like I had enough information or control to be making an informed decision about whether what I was doing was legal or not, so I erred on the side of caution.Ultimately, the IRS officially determined that everything Guidant and I did was legal.

It does not cover all the bases, obviously, but it does cover all the important ones.Some people prefer the 6-10 page real estate commission issued contracts because its more official and addresses every possible thing that might ever happen.There is a wholesaler here on BP who doesn't even use contracts.

In the future, am I always better off getting an official appraisal?

8) No tenant can be an elected official or member of a professional sports team ( a contigency to my insurance- seems strange to me!)

Welcome to BP Adam...I actually just wrote an article about tips for getting financing from a bank on your first deal, it can be found on the official Bigger Pockets Blog.

Perhaps draft a letter speaking to your intent to sell and the approaching maturity date to put them on official notice.