A few days later, I cancelled all 5 LLC's because I was told by an experienced real estate broker that when properties are in an LLC and you pass away the properties cannot be transferred to heirs until after the properties are appraised and after the heirs pay capital gains taxes because the properties are owned by a corporation and they are not your personal properties.

My lender, agent, listing agent, and anyone I’ve shown the appraisal to thinks it’s a complete hack job of an appraisal.

The reason that is currently the condition is due to multiple offers and the listing agent/seller being concerned about the appraisal coming in lower than purchase price, which is mitigated by seller asking for no appraisal contingencies and larger amounts of money in the bank. 

What is the appraised value?

He is asking $120k, ARV based on DealCheck and a recent appraisals is probably 150-160k.Basically the deal looks good but I need a down payment $24k.

The A/C unit was replaced about 7-8 years ago.Details:Built: 2002Square footage: 1725Rooms: 4br/2.5baOriginal price: $145,000Estimated current appraisal: 325,000Rent: $1800Current mortgage: $91,000We have been doing quite a bit of research on beginning to invest (read Brandon Turner's book on creative financing, reading David Greene's BRRRR book, watching a ton of YouTube videos, listening to podcasts, etc.) using the BRRRR strategy and are about to get a HELOC on the above property to use to buy our first (and subsequent) properties. 

Do you realize that properties that sell twice within the same year undergo a more stringent appraisal review that could make it difficult on a buyer to get financing? 

All in, I'd probably be into it for 700-800k but talking to my appraiser friend I think I could actually get it appraised between 900k and 1 million which would be nice as far as reinvesting.

The appraiser has already admitted fault, but the home value was never corrected.

The current market is so wildly overheated that even the worst dog of a property can trigger a bidding war, with offers that come in over asking, over appraisal, and no contingencies.