.* Find the ARV online by averaging all of the instant home value estimators like Zillow (confirm this later with realtor comps).* Estimate mortgage balance with either county records (deeds) or by asking a motivated seller (usually they will tell you if they are highly motivated).

December 26, I closed on my first rental property in Columbus Ohio, it was a C Class Duplex.33,500 Purchase Price80,000 Appraisal1225 RentMy partner and I instantly had 40k each in equity after putting about 17k each.

AS you came to BP for advice it will be slanted towards buying rental real estate which is fine if you truly are up for being a landlord.. not all folks are.. although with a million in cash you certainly could look at investment grade real estate not low end rentals.also there are some great syndicators out there were you could spread your funds around in their deals.. but choosing the syndicator wisely is mission number one.. you could simply invest in REits that are publicly traded gives you instant liquidity.. but do get some advice if your not an experience property owner or income producing property owner..

That's why I personally invest in note funds, where a single investment (typically $25k-$100k minimum) is instantly diversified into perhaps 100 notes.

Online is nearly the same cost ($28) and it's an instant approval.

The numbers work out favorably and I'll have instant equity but I'm currently self employed and would like to wrap this deal up before I file 2014 tax returns.  

I am not investing for rapid gains that I have instant access to.  

We like instant equity.

It can move mountains or blow you to bits in an instant.  

Additionally, there is about 50k instant equity to be gained just by raising a on few units to market rent, and more room for curbside improvements and possible higher rents.Well they decided to order an appraisal, and the appraised value came back at $686,000!!