I have never asked to use a certain appraiser, but I have asked the bank to not use an appraiser because I thought they demonstrated poor knowledge of an area.

It all boils down to what you can demonstrate under audit. 

Value-add requires at least 15% down: "Maximum loan-to-purchase (LTPP) / loan-to-value (LTV) ratio: 85%o Minimum amortizing debt service coverage (DCR) ratios: 1.10x – 1.15x depending on market""Eligible Sponsors:Developers/operators with experience in multifamily property rehabilitation and in the local market with sufficient financial capacity" and Moderate Rehab requires 20%:"Loan-to-value (LTV) ratio:o Fund up to 80% of the as-is value, supported by the property acquisition price if applicableo Periodic draws of unfunded loan proceeds (as opposed to an escrow) to reimburse the sponsor for up to 80% of the renovation costs on a monthly or quarterly basis, as work is completed, similar to construction financingo Appraisal must demonstrate 75% as improved LTV (with fully funded renovation proceeds)""Eligible Sponsors:Experienced and well-capitalized sponsors who have successfully completed rehabilitation projects of similar scope and who are familiar with the Freddie Mac loan process"You're not likely going to be able to finance the additional amounts, most lenders will require first position. 

Lastly, I read in one of the forums that if you are using an all cash purchase then your Cap Rate and Cash-on-Cash Return would be the same - if you consider your total investment in COC then they wouldn't be the same if you don't figure renovation costs when calculating your Cap Rate.Below, is a purchase scenario - can someone please work through the Cap Rate and COC Return to demonstrate to me how this all comes together?

The % of exchanges examined each year is so low that it is very difficult to get a true sense of what level of "intent" demonstration is truly appropriate. .

If you get audited, you would have to be able to demonstrate that you had the intent to buy and hold for investment and not buy, rehab and sell/flip. 

It's a silent movie, so big, demonstrative gestures and bringing the buyer's attention to property details may just get you your next listing.

The mere suggestion that such a thing could be instantly achieved or prudently identified is, in itself, demonstrating rather poor judgment of those that might ask for such a thing. 4.

You would have to be able to demonstrate your intent should you get audited.

You can create real synergies with folks if you develop relationships with folks and demonstrate yourself as trustworthy and a good person to do business with.