I suggest interviewing teams of realtors, contractors, lenders, and property managers in each market.

We let them rep us on the buy & resale once it's renovated/built, and they are happy to try and work with us on a deal where the seller wants an all-cash, quick close, or the home won't work for conventional lenders/end-buyers, etc.It is hard to find 60-65% of ARV deals, but that's why we are still around!

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Treat your family private lender like (or better than) any other private or HML: promissory note and lien recorded against the property.

If I keep the house in my name and use it as a rental, would I need to do anything other than notify the lender and adjust my homeowners insurance to reflect the house is a rental? 

In working on construction loan financing, the lender informed me I'll need to unencumber that portion of the property (makes sense) before closing on the construction loan.I understand there to be two methods generally speaking: refinancing my mortgage and removing that portion of the property in the process OR attaining a partial release from the lender to remove that land.I *strongly* want to avoid refinancing as I have an amazing rate, but partial releases seem complex and also require a survey.

Most residential mortgage lenders that I work with max out their LTVs on primary residences at 70%, which would mean a loan of $336k.

A lender or appraiser will typically use the most recent MLS comps (for updated properties) in the area to determine ARV.

And I always see fixers at a decent price (if yo don't mind putting some money into it).I am primarily a mortgage lender, so happy to answer any questions about financing.

Patience can be your best friend and if you attempt to over leverage a property it can come back to hurt you.Some will recommend buying subject 2 where you could take over an existing mortgage that could be at a substantially lower rate - but if the lender finds out and calls the loan that could also be very bad.