Since the Dodd-Frank Act and HVCC (Home Valuation Code of Conduct) in 2010, most lender appraisal orders are given to amc's, where they may charge the client one fee and pay the appraiser a significantly lower fee, as well as causing other headaches dealing with them.

b) How do the taxes work? 

Property tax was 9K/year. 

Make sure the rent from the other parts covers your loan, taxes, and other costs.

My cash flow is not great because of high insurance rates and HOA fees.

Depending on one's risk tolerance, you can get very good returns and still benefit from real estate's tax advantages as a LP.

I was recently informed that there are portfolio lenders that don't do a credit check, don't require an appraisal (possibly BPO), or tax returns, etc and are truly asset based.

Also, I would like to buy it cash to get a better deal out of it and not have to pay for any interest or loan fees.

Buyer pays closing costs & loan doc fees: $3,800 approx.Total Entry Fee: $23,800 to close -- or 9% of the purchase price!

All commissions are negotiable and there are common fees and hidden fees.