The FMV of the property may be supported by an independent appraisal done at date of conversion.Though the county assessment information is sometimes used as reference, you need to be careful using it for this purpose.

Contingent or pending properties are not taken into consideration on the asking price, but instead are factored in depending on the amount of inventory there is available to buyers.  

I want to achieve financial independence at some point in the near future and the only feasible way I can think of doing that is through smart real estate investing.

I have a goal to be financially independent within 10 years and I realized the only way to achieve it was to make my largest assets work for me and therefore I've made commitment this year to start actively investing in real estate. 

Congrats on taking action and working towards your financial independence!  

However, don't just read it, read it until you understand it, then practice what it teaches and you will be on your way to financial independence.

I currently work as an independent hairstylist but I want to work with real estate because I know it will help me with residual income (I dont want to be doing hair till I'm 85 obviously) and I'd love to help my father succeed financially as well!

My goal is to house hack a duplex to gain experience before building my portfolio and eventually moving into multi-family properties to become financially independent.  

An independent third party who has a process to document what they see and do.

For my California properties my independent agent is registered with PersonalUmbrella.com and I'm very happy with my $2M coverage.