If we wrap those up into a $200,000 mortgage (which is what our realtor said it could now appraise for) before we sell it, would that decrease the amount of capital gains tax we owe at tax time?

Below market value, appraised at almost triple ARV How did you find this deal and how did you negotiate it?

Michael, the promissory note has a clause that if the appraised value falls below the purchase price the balloon an can be extended XX months.

I offer the banks 25 cents on the appraised dollar, and they usually take it because that's the only offer on the table.Travelling contractors working at the refinery are who I rent my STRs to. 

Then the lender orders an appraisal.  

So, if you buy a property in a cheap market for $30k cash and invest $30k cash to rehab it and then it appraises for $80k after rehab you can refinance out your entire $60k investment and hopefully have a good cash-flowing rental. 

I am very interested in investing in real estate in Memphis and am currently seeking professionals who can assist me in this endeavor.I am looking for experienced real estate agents, contractors, and appraisers who can help me identify and secure properties with great investment potential.

Should I still get an appraisal?

Typically, we're able to finance 80% of appraised value, which ends up pretty good. 

My appraisal came back low and the loan amount and down payment are now changing because of this.