The 90%/100% programs are out there for new investors, I know of 1 maybe 2 that will provide those terms to a new investor given:Credit is 750+Appraisal numbers came in fantasticThe zip code the house is in is a favorable one for an exitI've closed or oversaw the close of 100s of bridge loans, be happy to answer any questions you may have about it.If your ARV is 550k, that means you want your max project cost to be about 398k (72.5% of ARV), if you buy for 359k that leaves hardly any room at all for rehab costs. 

I don't think it will be a fabulous deal (buy point will be appraised market value so it would be fair to market value (minus real estate commission costs) ).  

Here’s why:Complete Control and Lower Risk: With a cash purchase, you eliminate many of the complexities that can come with loans, such as interest rates, appraisals, and financing contingencies.

The place should appraise for over $700k now.

I would think they add to the appraised value as well, am I right?

Every county in every state seems to be a little different as far as what the county appraisers website will give you access to. 

Remember, C/D located properties generally appraise once improved for significantly more than they will actually sell in an arms length transaction so you can go to many C/D neighborhoods, successfully complete the BRRRR method but deal with  all of the operational difficulties of the asset class and then fail to achieve a sale figure remotely close to the favorable appraisal  that allowed for the proceeds to be returned through the refinance. 

Seller seems to think the vacant pads are worth very little, and of the 1.2M paid, most of that goes towards the income producing pads (with homes on them)...because the "CAP rate could not apply to vacant lots".Does anyone with appraisal experience can shed some light on this?

A cash out refi should get you a good appraisal value and the windfall that might work better than a HELOC, but it depends on your initial rate.

Also, if you have limited or no history of rental income, you'll have to get an appraisal on the departing home to document you have at least 25% equity in the home.