The distinction is based on how your management decissions translates to your biottom line.   

Now the more experience you get and the more money you have to invest and gamble then speculating is not so risky but given your circumstances just be careful and really try to hone in on a value after repair.

Of course, what action you can take depends on the circumstances and the terms of the lease.

Self-management vs hiring out - either one is fine, depending on your circumstances.

If he has an uncommon circumstance that he would like considered only the lender can provide a worthwhile opinion. 

(b) The existence of any fact or circumstance or suspicion of the existence of any fact or circumstance that indicates a property might be or is psychologically impacted is not a material fact that must be disclosed in a real property transaction.

I was told by another appraiser that a lot of appraisers simply do not want to do the extra leg work that is required to find out the circumstances behind the sale and determine if it works as a good comp. 

I don’t know who this guy is but based on this thread, he sounds like a troll.Point I want to make is that there is a DISTINCT difference between a private money lender and a hard money lender.

It's all based on the facts and circumstances of the particular property and each individual asset.

IMO, I'd rather pay out of pocket if I have it rather than pay interest on it (I know people can argue this because you could use it for another deal) but those circumstances I'd think would dictate what route you choose?