There are NO shortcuts to accomplishing this process, you either need to hire someone who knows how or learn how which takes time and lots of practice.For ARV, you must use SOLD comps just like an appraiser would use within 1/2 mile and within the last 6 months (although many markets now need to be within last 3 months since price fluctuations have increased so much.

You can do this yourself or hire it out.

I would hire a PM to manage and find a tenant, that way there is some responsibility to find a "good" tenant.

If you are an investor, what is it that you look for if you want to hire or work with a Realtor?  

I would hire an attorney to prepare one for you.

I am planning on living in one of the units for 1-2 years before moving, renting all of the units, and cash flowing.In the analysis, I am currently assuming no property management costs while I am living there, and then hiring a property manager for 10% of the total rent income. 

The problem is not everyone is willing to step up or hire a guy to handle it.

Also, If you are hiring out most of the work you may be just as well off selling "as is" to someone who routinely flips and can do it cheaply.

@Miguel Horta I would have the lender hire another appraisal.

Basically your friend can get a guaranteed return by lending you the money for purchase and rehab at a fixed percentage (say somewhere between 6-10% - I’d be willing to pay a higher rate to a friend that makes my life easier in not having to fill out massive amounts of paperwork, hiring appraiser, having credit pulled, etc).