It can be up to 12 months, so ask your loan officer if your situation applies.If you want to BRRRR then you'll have to keep in mind 2 things: appraisal turn times, and appraisal requirements.

I want them to have as little info as possible about the property I buy so the city appraisers can't use it to raise the property value right out of the gate. 

For any commercial property a lender will likely have a commercial appraiser appraise the property.

We appraised a year ago for slightly over 800k.

They will require an appraisal which will be the largest hurdle time-wise.Cheers!

In the purchase option, It would have to spell out the purchase price. ie, is a set dollar amount now or based on a future appraisal or???

He is interested in selling it to one of his kids for $80k-100k and I believe it was appraised somewhere in the mid 300k.

I would get an appraisal before I bought anything unless you are 110% sure of the value as complete. $500, cost of the appraisal, may seem like a lot but a $20,000 mistake will seem like a lot more!!

Been searching the market (NJ) for the past 2-3 months, have been putting offers down, even getting to attorney review just to be told the seller is going with another offer "way" over asking price AND with the inspection/appraisal contingencies being waived...My question is how are these people casually waiving inspections like this??

@James Ma and that appreciation comes with rehabbing and then getting it appraised ?