For example: the hard money lenders that I work with will analyze and appraise a property themselves before loaning out money.

Hi Julian, DSCR loans are underwritten off of appraisal rent schedule and / or lease associated with subject property. 

But….if you’re willing to pay 2x or more of what it’s worth…they are advertising “owner financing” as shown below…no appraisal needed!

Appraisal came back at only $98k, so now I'm trying to sell. 

A DSCR loan is underwritten based off of the applicants credit and an appraisal rent schedule. 

The other catch is that the property must appraise for that value. 

He had help with a crooked appraiser.

we are building a building just like this in Columbus Ohio except vertical. we added kitchens and all studios and common commercial and mixed it in. multifamily is much easier to finance. we got a similar valuation. we don't have to buy 1 million dollars worth of furniture either. apartment hotels are what some people call them but we are underwriting affordable housing. we copied the hotel development rezoning applications in our market but went for multifamily and I had it underwritten at 15 million and we just had the number one debt placement broker look at it and appraise it for 20 million because they added a tax abatement. hotel development works because of the nightly rate and higher occupancy and no kitchens in every unit.

My thoughts are with the rehab the house needs I should get an appraisal on its current state.... buy him out with it current value then my sons and I would put in the work to rehab the place to turn into a rental.  

Say you're doing this on a 4 unit that appraised for about a million.