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!)

Latonna HillDIG is Philadelphia REIA GroupACRE is Pittsburgh REIA GroupPROA is Pennsylvania state wide group of all PA Reia Groups that primarily lobbies the state for favorable legislation affecting landlords, rental real estate and, investors

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.