The current lender wants 65% LTV with a appraisal before dismissing the PMI.So ANY opinions, ideas, thoughts from someone whose been at this longer than myself?

However, the real benefit of anonymous structures is the inability to go to any appraisal district or similar search tool, type in a name and see a list of properties. 

Once I move out, I will be adding a 4th bedroom and the property will cashflow about $400 a month.The best part is that the appraised value is came in $100K over what I paid for it so I will be quickly turning around to refi, wipe my PMI off the loan and then pull a HELOC to use for future investments.

Is it a common practice for the property mgr to NOT be in attendance when a loan appraiser does a walk-through of a rented property?

I get a loan based on the appraisal of the property subject to the work that will be completed.

However, maybe they don't want to pay realtor commissions, or do showings, or if it's grandma's house move all the junk out, or deal with a loan contingency from a risky buyer, or an appraisal contingency if it's going to go way above list and appraisal, or an inspection contingency if they might have some risky structural stuff in the background.

One other wrinkle, if the appraiser sees that it is a working 5 unit property, they will note that and might raise red flags.  

High earnest money, high option money, short option periods, appraisal waivers, financing waivers, and offer prices well above asking are still required to win in many cases.Many listings are no longer receiving multiple offers in the first 24 hours and going under contract in the first few days.

I would be purchasing at less than half of the county appraisal price.

I'm happy with the purchase price (10k below appraisal) but I think I could have negotiated better.