Mince the words and distort the meaning which ever way it benefits you. 

A bank will base the value for a purchase mortgage on either the purchase price or an appraisal, whichever is lower.

Get a wet rag and joint compound and scoop some joint compound onto it and dab against the ceiling to make the stelagtite/stelagmite which ever one it is.

Seems like flipping will always be a viable option as long as you buy right in whichever state the market is in.

Whichever direction you go, good luck.

The private lenders can get paid 8-10% interest p.a. and you give them back their principal once you refinance or when you sell whichever comes first.For bigger deals, I like the preferred shares model.

Whichever happens first is fine by me.thanks for the reply

The lender will use which ever is lower, the market rent analysis or the amount of rent you are currently getting (if you have tenants in there for at least 3 months, I know lenders that will let you use the actual amount on the lease over the market rent analysis. 

The rationale for my $100k target in my 401k is that there if a limit of 50% or $50k whichever is lower for me to take out as a loan against my 401k, so once I hit $100k there's no longer the benefit of contributing more to it and I'll probably shift to 100% real estate at that point.

Those often allow loans up to $50K or half your balance, whichever is less.Your best bet may well be to just stay in the property and save like crazy.