@Joshua SunThe appraisal is often the biggest wild card in the BRRRR process for SFR.

Yeah, sure, maybe.While the buy is important, the appraisal upon rehab and refi is more important.

The appraiser determines the market rents. 

The difference is the lender is not a bank, but an individual or abother companyThe purchasing process should be 100% the same for you as a buyer as it would purchasing any other property with the exception that you would want to get an appraisal (where as typically the bank would).

Additionally, the house will likely appraise very favorably after as well with a cash out refi a big possibility Thoughts?

As long as it will pass an appraisal and not be "Subject to" major issues you can get a renovation or personal loan for work.Unless you are cash fluid and can add some cash back into the property and then pull back out on the ARV refinance.

However, I'm getting conflicting information regarding the Probate process in CA, where all properties must go through the overbid process, and properties cannot sell for less than 90% of the appraised value. 

Hi Everyone , I was thinking about becoming an appraiser here in California.

I would expect all of these properties to appraisal close to the asking price.  

I expect appraisals keep coming back too low for financing and they go back on market.