I'm a bit concerned about the appraisal, given the full rehab we've done on the property.

I am confident the land will appraise by itself as smaller 1 acre pieces are going for 20k a piece right next to it.

Rather than accept an offer to cash out (offer restricted by current appraised value which because of recent vacancies was low) I chose to sell on a wrap around note.

Does it depend on the Amount in repairs that are required per the Appraiser ?

If you use a lender they will do an appraisal to make sure you’re not overpaying market value for a property that is turnkey. 

If you have performed rehab, my favorite programs offer both no seasoning and 90-day seasoning requirements to use the appraised value as the basis for your loan.

So then the house is 10% owned by The Person, and 90% owned by The LLC (income and expenses shared accordingly).Now this year say I want to take the same percentage (10%) - and say it's a flat market and the house is still appraised at $500,000.  

Separate meters..who pays which utilities..Terms of leases and Estoppel certificates, any recent inspections, appraisals or capital improvements..

As long as you have a primary housing expense (either renting or own) you will be able to use 75% of the appraisers opinion of the future rent. and you will be able to add back a decent portion of your paper losses on your tax returns for the properties you already own using this form:  https://content.enactmi.com/documents/calculators/Form1038.C... 

Get pre approved so that when your rehab is ready appraisal gets done and you close without taking a ton of time.