Make sure the $5K is not for other third-party fees such as any environmental, title or credit check expense.As for who can order an appraisal, I would defer to an actual appraiser but my understanding and experience is that appraisal regulations only impact regulated groups such as banks and therefore hard money lenders can effectively make up their own rules regarding appraisals since they are not regulated like banks and are lending their own funds.Finally, banks do not have the "right" to redline.

LMGTFYDid you mean: condotel Search ResultsFeatured snippet from the webcondotelvietnam.com A condo hotel, also known as a Condotel, hotel-condo or a Contel, is a building, which is legally a condominium but which is operated as a hotel, offering short term rentals, and which maintains a Front Desk.

They do their own due diligence, have their own analysts, do their own modeling, create their own PPM, marketing materials, tour the property w/the operator to understand clearly the business plan, making suggestions on strategy, maintain the relationship with the investor base over the entire life cycle of the deal, creating reports, answering questions, managing distributions, K1s, etc. 

Is it more intent focused to lease and maintain the asset, or is there a timeframe needed to hold the property before I can trade up again. 

Do you charge for monitoring and maintaining vacant units?

The reason is that the price range you outlined is likely to put you in C or worse areas and those can be very difficult to manage effectively. 

You should use either LLC’s (the old and expensive way) or a Series LLC (the new and more cost/time effective way).

I don't know what properties are like to maintain or what expectations are for properties back East so that will be up to you figure out, but if you do end up with the property I'm sure you will learn a ton and hopefully get yourself a nice cash flowing asset!  

Also how does this effect our landlord insurance?

Everyone kept saying it is hard to comp bc of the second house on the property, but the town considers it single family since the cottage was built before multi family zoning laws were in effect.