Both effectively allow you to defer capital gains.

Make sure the $5K is not for other third-party fees such as any environmental, title or credit check expense.As for who can order an appraisal, I would defer to an actual appraiser but my understanding and experience is that appraisal regulations only impact regulated groups such as banks and therefore hard money lenders can effectively make up their own rules regarding appraisals since they are not regulated like banks and are lending their own funds.Finally, banks do not have the "right" to redline.

Some of the most effective Operators are team based.

Wondering how smooth the transaction was and how their communication is.

What's important is communication between you two. 

The reason is that the price range you outlined is likely to put you in C or worse areas and those can be very difficult to manage effectively. 

Hey @Joseph LizThere is better communication if you go direct to the seller.

You should use either LLC’s (the old and expensive way) or a Series LLC (the new and more cost/time effective way).

He apologized that the workers did not communicate before blasting four holes and promised he would install a different kind that does not inflict damage on the ceiling AND patch up the holes.

@Scott Scharl I'm speaking in terms of managing communications, distributions, etc to our LP'sI've been looking at software like syndicationpro.com but it's too expensive right now.Features that software like that offers, but at a bit lower cost would be perfect.