As a lender, it is my firm belief that honesty, transparency and service are the most important factors.

That's probably what I'd do first unless you just have no experience doing these deals at all. 

I heard plenty of podcasts to give the appraiser a folder showing upgrades to the property, comps in the area, etc.

Norfolk is where the majority of multifamily inventory is located, Virginia beach is zoned much more single family. 

It can range from simple touch-ups to more extensive setups, depending on your needs and budget.How Does It Help Me Sell My House?

Just make sure you do it the legal way.

If you can come up with an extra 1.5% and finance with a conventional loan you have none of those downsides, a lower monthly payment and PMI only until you hit 20% equity

I'm aware of this model just as Jason is BUT it isn't the model that we follow.

Even better, I might be able to snag it well under market value since it's an estate sale that's been sitting on the market for nearly 200 days.Here’s the challenge: while I could afford to purchase the property under market value, I’d be stretching my budget thin to cover the mortgage during the period I’d be remodeling the basement to make it rentable.

Of course your other debts including student loans go into the mix to come up with your total debt to income but the income needed  is a lot smaller then a lot of borrowers in your situation tend to  think.