Purchase price was $180k, appraisal was $255k for a previous buyer that fell out of contract, initial ARV estimate was $320k - 340k.

Get an appraisal and 3rd party building inspection and you should do fine.

Cash out refi than Selling: I have a rental property I owe 60k, appraised 220k, I can get 168k cash out and pay off the 60k to have 108k in cash… now if I turn around and sell for 240k.

I searched county appraisal district, found address of owner.

I know it's not mortgages - I've heard a lot of horror stories about processing done in one time zone, underwriting done 1,000 miles away and appraisal reviews being done in a 3rd time zone and none of them knowing what is going on with eachother.

Lots of pluses though - fast close, cash sale so no appraisal to deal with, and she waives all contingencies. 

The IRS will look for a fact pattern on assigning FMV (if it were appraised by a qualified appraiser, for instance.

The seller is seller financing me the property with a balloon in 3 years if it appraises for the current purchase price in 3 years.

Verify the actual income matches the seller's claims2.Consider hiring a professional appraiser experienced in valuing self-storage properties, especially if traditional bank financing will be used.

Once it was rehabbed and appraised for twice the price, I refinanced it for 70% LTV.How did you add value to the deal?