Most lenders who order appraisals are required to order them through a 3rd party AMC, which can add additional costs to the appraisal but ensures that there is no lender (Or borrower) bias in regards to the values.

To say this community has no value is quite a negative judgment to make without sufficient information to make it. 

Have a decent rental history, including no past evictions.5.

@Penny WilkinsonIf there are no comps, then I would try to ask community banks what they would be able to lend on it.

The rare instances they are caught there is no consequence.

What do you do to ensure that the tenant is responsible for security deposit disputes since that is the largest reason for owner lawsuitsHow familiar are you with the newly changed laws that can affect you the owner if they are not used correctly?

Other CPAs and firms have quoted me 5k-10k+ but are no where near as responsive and personable as my current CPA and accountant.

If indeed it is stated that the second lien foreclosure is subject to the first, then no, the first will NOT be paid off. 

I don't do this for a living and have no real world experience, but at 40% down, even with a 7% int rate, that seems like a high monthly payment.

Hi Sergio, There is no better time than the present to get started.