Hi @Donald Ferguson, A word of caution with sheriff sale properties in your State of Michigan: there is a redemption period.

@Donald Patterson Feel free to PM/colleague request me if you want.  

I thought I was Donald Trump and invested at the wrong time and lost everything in the downturn.I survived Leukemia (for now) and looking to try and rebuild my wealth.

Well...that was short lived. http://www.snopes.com/2017/01/24/trump-suspends-fha-mortgage-insurance-cut/

Cap rates have not moved despite 3 interest rate moves as investor demand for MF assets trump those moves to date. 

And all that money you sink into paying off the mortgage is an opportunity cost, because you may have invested in another house, bitcoins, Trump bobbleheads, or something else. 

Prospects for repayment generally trumps everything else when it comes to a bank loan, and unemployed people are not considered good prospects for repayment regardless of your bank account (unless we're talking millions here, and you're looking to buy a $100k home, in which case the bank's going to want to know why you want a loan). 

At that point in time, it's all very theoretical, unless the LENDER arranging the Appraisal is basing their LOAN amount on a set percentage of it, and/or it's already under Contract for a specific amount.Your future LENDER'S appraisal will trump any earlier appraisal.

You will never know what you don't know until you get in, and there is no amount of education that is going to trump experience.  

Hi @Donald Shuler...Welcome to investing & BP!