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. 

I Seems like buying a house that doesn't need rehab just breaks the the BRRRR model as you don't get the lifted appraisal from the rehab and therefore lose the opportunity to get your money out of the deal, your downpayment stays in...

@Nathan Cornett Most commercial lenders who will allow for STR income will typically use 90% of the market rents per the appraisal's 1007 Rent Schedule.

He indicated we could have an appraisal done and if it makes sense do the refinance in order to get more equity. 

All the lenders I've talked to don't use the rent schedule off the appraisal in order to income qualify.

(investor)A:VA loans want to net 88% of appraised value,Conventional will accept as low as 80% and reverse mortgage will accept 95% if the property is vacant if its occupied they will rarely accept anything under 5k of appraised value.Q:The owner is not the borrower can we do a short sale.

Because of its location it is appraised at $227k (land included).

I will likely have upcoming appraisals for both tenant occupied rentals.

Do you just bail during due diligence and forfeit your appraisal costs?

I recognize the appraisal will be set based on comps, but what a buyer will pay will take into account the current rents because of the difficulty in raising the rents (cash for keys, rehab extensive enough tenant cannot occupy, move in immediate family).