This is an older post, but wanted to add in case anyone does a search of Relay Bank (relayfi.com) in the future. 

I would just ask them if you buy an older version will your files will be usable/accessible if you don't renew.  

The purchase transaction would have to be bought fully cash in order to use new appraised value without having to wait with a seasoning period. 

For those seasoned investors, if you had my dilemma what steps would you take?

Water Utility - 44 years ago when I was a relatively new real estate broker, a gentleman contacted me to see if we could help sell a small water utility he created.

However, it's not like 30 years ago when the ceilings were "Popcorn" and the walls were "Orange Peel", although you do still find that on many older homes.

If it is going to be your primary, conventional lenders will require 12 months seasoning. 

There are some decent spots that do well and are more affordable than Raleigh.Also I bought during the winter during slow season, great neighborhood but horrible photos, clutter everywhere, original condition.

It can happen but you need to have a seasoned Banker or Loan officer with very lien ant construction underwriters.You will need a solid and very descriptive "LOE" letter of explanation and make sure you’re not trying to build a 2-4 unit or a smaller home versus the current homes GLA/SQFT or it will "Not" get approved.

The local angle can give you that edge against other buyers, especially when you are dealing with high equity owners who might be older and a little weary of some company coming in wanting to buy their house.One down side to consider is, hand writing all of your letters will be time consuming, but there are ways to get around that.