First research the property on the county central appraisal district.

What you'relooking for is how to determine ARV, which is essentially the appraisal process.

The appraisal alone could cost 2k-6k, commerical narrative report and 30-60 days to close.

Ultimately I want to hold the rental property long-term.Target Asset Purchase Price: $1.5M-$2MMy Home:Loan Ballance _ $208KCMA _ $415K-$430K (appraisal due in next week to verify)Refi.

Based on your experience can you tell me 3 zip codes that are good cash flowing and 3 zipcodes with an appraisal?

At this time last year, this property appraised at $305k. 

Saves me $5k in borrowing costs, bs appraisal and bs lenders insurance every time. 

The appraiser will notate all the items but if he lists it as "Subject to" you would need to have them repaired prior to closing. 

Just spitballing more ideas: become a real estate agent, or an appraiser, or a home inspector, or volunteer at Habitat for Humanity building houses, join a local investors meetup, or non-local meetup for that matter if they have zoom! 

Amy,When you buy all cash and want cash back out ASAP you have delayed financing where you can pull out 75% for example and use the purchase price as the appraisal rather then waiting (6 months) for title seasoning.