Property appraised for 1.6M.

Did not do independent appraisal and independent inspection.

Proper underwriting - this includes an appraisal, loan app and full underwriting to comply with CFPB regulations.2.

Bank financing is very tough for anyone starting out so HML is generally ( unless you use your own cash or cash in your network) the only funding there is.. the goal has to be though moving towards bank financing so you get the best deal possible.. right now I am at 1/2 point and 7% and my bank pays for my appraisals.

We did all the research and comps ourself and did not hire either an appraiser or an attorney. 

Maybe your market is different but in my market appraisers will screw you over on the value of an ADU. 

Cash buyers have the upper hand due to no appraisal contingency and able to close a lot quicker.

But ultimately the responsibility lies in my hands.I jumped on a seesaw of risk hoping that the momentum would catapult my bank account into six figures only to find out the hard way that flipping houses isn’t as easy as I had predicted.This house was purchased for $64,000 with an expected rehab of $100k to $120k depending on how much work the dilapidated and neglected house needed.The midwest is lovely but the houses carry the weight of weather storms nearly a century old leading to more damage than a beginning investor could expect.The appraisal came in at $225k for my lender meaning our all-in cost would be around 85% of the sales price worst case.

I can do a minimum of 65k for a loan amount but property has to appraise for 100k or more. 

Im not sure how far RWN should go to make things right as of course not doing your own inspection and appraisal is pretty stupid.