I would focus on "Ugly inventory" but would pass an appraisal and not be "Subject to" so that I can renovate and refinance on the ARV in as little as 6 months to pull out my initial capital and enough to put down on the next REI.On the flip side Indiana and Ohio would also offer a sale price to cash flow ratio since you can still find a great deal in both states.  

I don't want to waste your money on inspection, option money, and appraisal money, just to find out the house doesn't qualify for FHA, so I do my best to keep you out of those situations. 

Appraiser determines what the market rents are... 

Hello Dalton, Is this an appraisal done before the work was completed where you gave them the scope of work and they are giving you the ARV appraisal?

There are a couple of DIY cost segregation companies that provide you a questionnaire to complete to generate your report.I normally recommend a home inspection and appraisal in hand when completing the questionnaire.The completion of the study is instant.Best of luck.

The appraiser will ask for permits for the work done, and if there is non to be provided he/she will not give the value and in turn you will not be able to get the full amount of money out of the home you were hoping to get.  

We then subtract our actual expenses, which include management fees, bank fees, appraisal costs, insurance, commissions, marketing costs, taxes, and legal and accounting fees.

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

Appraiser, willing to put your name behind that call?

Because the original value of your closed loan was based on renovations being done, there is no additional value to use for the removal of the PMI.Maybe consider refi to another lender who will order another AVM or appraisal to get you a more desirable LTV.