You can also build a relationship with a good local agent and ask them to run comps for you, or in certain situations like selling a high-end home to a friend off market I’d recommend just paying for an actual appraisal.

I am currently a senior in high school nearing graduation and have a growing passion for learning this industry.

Yes, the timeframe between getting the new property and selling the old property is high interest and 3 different payments (old property mortgage, HELOC payment, new property mortgage).

Virtually every mortgage broker* will use the FM Selling Guide for determining eligibility, or you google "fannie mae underwriting guidelines" for high level details.

I would highly encourage you to think about your family first. 

Picture this: After weeks of negotiations and planning, all parties involved finally reach an agreement on the terms and conditions of the sale.

(I also would like a loan that doesn’t require a high down payment). 

I own some small multifamilies in Concord and High Point, NC.

Which means I will still need to finance about $400k for each property at about 9% rate (the rate is high because we'll using a commercial loan as we'll be purchasing the properties under an LLC).

I look for low crime rates, good schools, high rent to value ratios sometimes as high as the 3% rule.