Hi,I am new to the game.

I'm looking into the whole developer game myself and trying to learn as much as possible about it.

It was built in the 60s but just got a new roof, HVAC and water heaters were all updated between 2017-2018 so fairly new, and it’s an active mid-term rental making about $3,200-3,600/month depending on the season and he provided all the documents to support that from the past 1.5 years.

Starting out, I'm going option 1 to get in the game and learn what I don't know. 

While you can supply important information to the appraiser, such as recent improvements or distinguishing features, they must ultimately provide an impartial market valuation.

@Wes HolmesHard money will have you personally guarantee the loan so if you fail they will go after your personal assets if there are not enough assets in the LLCThis is very common and investor need to realize that LLC may provide you some asset protection but most hard money lenders will get the PGFor us it’s a nonstarter if a borrower won’t sign one there is nothing further to discuss

Let's break down the pros and cons of each approach:Forming an LLC in the State Where the Property is Located:Pros:Compliance with Local Laws: Establishing an LLC in the state where the property is situated ensures compliance with local regulations and laws specific to that jurisdiction.Legal Clarity: It provides clear legal jurisdiction and may simplify any legal proceedings related to the property in that state.Perception: Operating with a local LLC may give tenants and local authorities confidence in your commitment to the community.Cons:Additional Costs: Setting up and maintaining an LLC in another state means incurring additional registration fees, taxes, and possibly hiring local legal counsel.Administrative Burden: Managing multiple LLCs across different states adds complexity to your administrative workload, including extra paperwork and compliance requirements.Tax Implications: You may face tax obligations in both the state where the property is located and your home state, potentially leading to double taxation or complexities in tax filings.Managing Through Home State LLC:Pros:Simplified Management: Handling all properties under a single LLC streamlines administrative tasks, reducing paperwork and simplifying tax filings.Cost Savings: Avoiding the need to establish multiple LLCs in different states saves on registration fees, legal expenses, and ongoing maintenance costs.Consistency: Uniformity in management practices and legal structures may contribute to efficiency and ease of operation across your real estate portfolio.Cons:Legal Exposure: Operating out-of-state properties under a home state LLC may expose your personal assets to the laws and liabilities of the other state, potentially diminishing the liability protection the LLC offers.Compliance Challenges: You'll need to ensure your home state LLC meets the legal requirements for conducting business in other states, which could involve additional filings and fees.Perception and Credibility: Some tenants or local stakeholders may prefer dealing with a landlord who has a local presence, which could impact your reputation or relationships in the community.Ultimately, the decision depends on your specific circumstances, risk tolerance, and long-term goals.

There are turnkey companies in the US that provide investors a completely renovated and tenanted property. 

In that case the extra cost of a home warranty is worthwhile to provide security in case of a significant issue.

A few suggestions/thoughts:- Ask your agent to provide you recent sales (last 12 months) of deals that would have met your criteria, starting with deals they were the broker on.