I provided a recent appraisal with accurate estimates of replacement cost, which has been updated to match that estimate.

I found out the home appraised for 220K and the big 3 Credit score groups had my credit at 730, 732 and 743 .

I shoot for 30% to 40% (cash flow plus equity growth) and am trying to push that up to 100% (or infinite) like the master, @Joe Villeneuve who would buy that house for 20K, put 15K into it, have it appraise at 50 and refi out his entire 35K investment so that he has no money left in, cash flows, and has his cash back to do the next deal.

Your holding period is added together with your parents' holding period, so I'm sure you have already met the 1 year requirement.To take the deduction, it does require an appraisal and a tax form signed by the appraiser.I'm in Tuscaloosa, also.

One could also base it on an independent appraisers report or other basis that can be reasonably justified. 

But that means I can’t complain when they go up.We weren't protesting the discount that the previous owner had, we were protesting the fact that we purchased the home for 263k, but paid taxes at an appraised value of 477k.

Since I was buying all cash I could waive my appraisal, however did do my inspection.

Since I was buying all cash I could waive my appraisal, however did do my inspection.

If the property cannot be purchased using appraised long term rents to debt cover at 80% LTV, try to qualify the loan under ST rental numbers, IF your market has an abundance of ST comps.

They didn't even require an appraisal in my case. zero closing costs.