If you have some extra time and want to learn more about RE, getting that isn't a bad idea.

I always like to ask for a separate letter for my personal records addressing the 'as is' cash value of the property as well for a few extra dollars. 

Interested in this because of greater margins and easier to rent basements or extra rooms in my personal home.

Is the extra effort worth it if I am only gonna do it part time, or should I just hold off until I can buy my first rental property?

I have a rental property so extra documents included things like leases, proof of no HOA on the rental property, etc.

Do I stay at 400k. assuming it still cashflows (cashflows based upon when I move out) albeit less than a 500k prop, dont pay the extra in taxes, keep more money on hand because Im not paying additional taxes but also DP reserves etc will be lower or is it worth it to make the stretch to 500k leaving me with less cushion for any mistakes I make?

We aggressively attacked the monthly payments with extra principle and paid off the 86k loan in 3.5 years.

I hate that I have to give her 14 extra days!!! 

If not, that is an extra start up expense. 

If it stays completely a rental and you are in a heavy rental area where parking is at a premium you could charge for the extra parking.