Hi Jim,So you know what you need to do, but bounce around all day....Does that get it done, or are you doing other things like watching Bonanza on YouTube all day.If it's getting done, then you'll only need to make some small changes (if at all).If something like the Cartwright's on YouTube, Hoss, Adam, Ben and Little Joe are wasting your "DAY" time...then you have a motivational issue to overcome.But lets put it in Simple Terms here, You are the "New Hire" on this job, and the Boss simply gave a project to complete--a big one, and no direction as to HOW to do it.Everyone works differently.

The appraised value from the county is simply for property tax purposes.

There are no strings attached to this offer, I am doing this to simply better my knowledge of this area and maybe help someone out along the way.

Once you know average prices for sections (like $10k for kitchen, $8k for full gut bath, etc) you simply go and add up the sections and walk out with a rehab estimate.

@Anna Bee Interest rates are simply one component of a real estate transaction. 

With a HELOC, you could simply take out the $200k right before the purchase, but with a cash out refi you'd had already withdrawn $300k meaning you paid origination fees on an extra $100k that wasn't needed and you have interest charges for an extra $100k over the two months while you were waiting.I personally prefer not using hard money lenders as I don't want to be stuck with high interest amounts if I could avoid them with a HELOC, but I know many other investors who use them regularly without problems. 

If you don't know where to start, simply ask every family/friend, but consider presenting it as 'can I get your advice here?

. #3: You sent a letter to the owner of a rental property in your town, simply introducing yourself and expressing interest in their property, and they call you back.

I have left a letter at the address for next time they check the mail simply describing who I am and that I would like the opportunity to buy the property.

They are simply additional opportunities to consider along with marketed properties and homes sold directly by the seller.