I'm trying to wrap my head around working with investment capital long term, and there's also the potential for some seller financing from the building owners, and my cousin is on the board of a bank which could also come into play.

How long can/should I wait for the appraised value to change, and will it go up or down?

It's a good idea to talk to a tax professional about this part.Using an LLC can help build business credit over time, but make sure the immediate needs and potential costs are worth it.

Long story short I purchased a home in an overinflated environment for $500k.

If your location is good, then the place will rent for both long and short.

Good Day,I need to estimate how much the insurance will be before I purchase the property. 

I have identified a Tax deed property that is a good prospect.

For now, it operates as a good rental with top If market rents. https://www.compass.com/listing/18-west-phil-ellena-street-u...

We bought for 200k I know there is a good bit of equity but didn’t get appraisal (~350k).

This is a good post on understanding KC neighborhoods: https://www.biggerpockets.com/forums/48/topics/1055135-under...This one is also worth looking at, although it's a bit old:https://www.biggerpockets.com/forums/48/topics/276800-kansas...