In Texas you have 30 days from when you receive your tax appraisal notification to protest. 

HML just went to private money to give the allusion that you are going to find some rich doctor that is going to lend you money at 5%. private money  hard money is quite competitive these days.. you can plan on 2 to 4 points up front at close and 10 to 15% interest  plus junk fees and rehab draw fees appraisal fees etc etc. some of the larger national lenders have their pricing very well spelled out on their websites you may want to get a baseline from themKiaviLima one Lending oneetc etc..

I've helped manage 100s of estimates for residential contractors, producing nearly 100 myself.Disclaimers: I'm not currently a contractor, nor appraiser, nor licensed.

You can get a cash out refinance with the new appraised value after three months of your last purchase and loan depending on the state (lenders are licensed state by state). 

The home appraised last year for 2.1m, currently on the market for 1.98.

Some DSCR lenders will go down to a $75K appraised value and a $60K loan amount.

Was the original 5.5 mil appraisal way off?  

@Gabriel Z.Who cares what Zillow says - have you gotten an appraisal on the property ?

Ultimately though, if you're financing then an appraiser will/should keep everyone honest regarding value. 

Keep you cash on the sidelines in case unexpected expenses occur. i.e rehab goes over budget, appraisal comes in low...