I can only speak for residential, but if you just want to do a rate/term refinance out of hard money to lower the rate and payment, there is no wait and you can do it instantly. 

Getting the home that I want to live in along with $103,600 of instant equity.

Larry---------------------------------------------------------------------------------------------------Do you need to sell now for quick cash or instant debt relief?

To me this seems like a win-win for both parties - I purchase a property at significant discount with instant equity and healthy cash flow, while they get to remain in their property.Am I missing something?

As far as how to know you are getting a great deal on the MLS, the question is more do you know enough about your market to know a deal instantly?

By time the next day rolls around (usually 5-6 hours from the new listening being posted during the middle of the night or early morning 11pm-3am) the agents at the time I was working with would inform me the property has been spoken for already by a cash buyer without the chance of me getting to see the property or even hearing back from my realtor in time before these instant offers are placed.

That being said if you need to get an MLS search done you can have an agent set it up to come to you daily, hourly, or nearly instantly.  

I don't think building an in law quarter will return too much because of high cost of construction- and I think you're exposing yourself to a good amount of risk by doing so because project cost usually runs high, and by the time you're finished the market may be softening creating an instant equity void.  

You and I have discussed this elsewhere, I think, but being a CPA gives you almost instant street cred.  

The donor sells the home to the borrower for less than the home's fair market value, giving the borrower instant equity.