@Matthew MarcelissenCongratulations on taking the first step and jumping in on your first flip - The first step is always the hardest - good luck with the project.jeff

Initially to be an investor, a lender and assist other new members on this forum and be a mentor to others.

Its not easy  so step one is getting the know the area like the back of your hand and become a black belt at the basics which I outlined above. 

Is there anything steps I can take in the mean time?

I have been in the insurance business (claims department) for the past 16 years and have always been interested in real estate but never had the nerve to pursue it further...I am confident today is the 1st step towards my pursuit of being a full time investor one day.  

I've noticed you can find duplexes and fourplexes in Cleveland easily, but because of higher property taxes I'd need to buy in lower C / D areas to make decent cash flow (this is just my initial research).

or is there a way to get the appraisal costs from the closing end from the loan to limit my initial out of pocket expense... 

All you need is time and initiative.

I have the biggest respect for anybody that can help me to get a step closer to my goal, any suggestion or idea will be very welcome. 

Howdy @Janice DelantesLet me try to answer your  initial question about the Asking price $48K versus the ARV $53K.