You are not in control of the lenders, the appraisers, the inspectors or the residents. 

Lots of folks are pulling out cash based on the appraised value for their next projects and holding for a few years to benefit from appreciation. 

We close Aug 22nd and so far we've done a ton of paperwork and we're at the appraisal stage. 

My only concern to look out for is that things can go 'rural' pretty quickly if you start venturing outside of town, and most lenders are going to put the brakes on financing if the appraisal lists the property as 'rural' (has to do with what they perceive as the availability of future tenants).Watertown, NY - It probably is as good as you believe, but the lending licensing is pretty tricky up there, so its just  bit more difficult to find lenders that operate up there.

It will almost ALWAYS be below asking price, so you will have to make 10s, if not 100s, of offers to find a motivated seller.Then the property will have to pass inspection, appraisal, etc.

When they need the money, we know this property will appraise for 40% more than we bought it for.

The 4 vacant are new rehabs I just completed.Total Rents Collected: $23,025/mo Debt Service: $12,358/mo (sad for me. 8% interest rates lol) Property Management 10%: $2,303/moReserves (Vacancy 5%, Maintenance 10%): $3,454/moPhantom Cash Flow: $8,365/moTrue Cash Flow: $4,911/mo (Money I can legit burn) Total Purchase Price: $1.573MTotal Rehab Cost: $122,617Total Cash In Deals: $539k Total Appraised Values: 1.81MHope this inspires someone.

The appraisal came in at $245K, but they are only loaning me 70% of the ARV.

Are there similar properties in the area that an appraiser can use for comps? 

., it definitely fights the arguments on re-fis with the appraiser but I'm noticing there's just a liquidity issue that is skewing things.I try to essentially start at the floor and work my way up on the ARV as opposed to seeing the highs and working it down.