I want to try and learn every part of the process and play it out in my head so I am better prepared.

.:)  The real answer is to prevent churning or constant refinances in an appreciating market because the secondary mortgage market is built on mortgage backed securities and lenders would have to pay their yield spread back to the investors if the loans kept coming out of the security.You can go with a DSCR loan that doesn't require 6 months seasoning, but the terms are not as favorable as they would be if you waited and since you're playing the long game with the property, it's best that you wait.80% is available, but again, the terms are not nearly as favorable as they would be at even 75%. 

The two items that are generally at play are the GPM flow and the lead content in any fittings attached to potable uses.

The only plays i've personally seen with this type of asset that make much sense are fixing it up (really substantially, because remember it's already old and is just getting older by the minute) and then using a Seller Financed Sale as your exit strategy when it is time to sell.  

I am just unsure where the contact between myself and the appraiser comes into play when the lender is the one ordering the appraisal.

Here is generally how the strategy plays out: when a sponsor acquires a property, performs a cost segregation study, and takes the bonus election, the portion of the property's value that is allocated to land improvements gets depreciated 100% in the same calendar year the property was purchased.

This doesn't sound like a class A or B area at that price hence you're playing the cash flow card and not the appreciation play so ensure the cash flow is worth it. 

Currently I am a senior in college on track to graduate with my Bachelor's degree in Management and Administration; however, I have two years of eligibility to play golf and get any kind of graduate school paid for completely.

I’m going to play therapist here…(I’m not a therapist)I think your real fear is making a bad decision and failing which is normal.

I think the appreciation play is solid over time but proximity is hard to pass up for rental demand.