These are some of the other items that need to be budgeted for roof 25 year life span, appliances and hot water heater 12 year life span, hvac 20 year life span, bath and kitchen remodel 15-20 year life span, etc.

That appraisal seems incredibly low but hopefully you knew the comps prior to purchase. 

"Home needs cosmetic make-ready, new roof and hot water tank.

I live in a pretty hot market so I always look for off market potentials via direct marketing.In the past 2 years I have had an every 6-8 week marketing campaign for some SFHs that ultimately went to other investors.

Plus Joe is incredible, and even if he does pitch something, I'll take it to gain all the rest of the value from the conference.I'll be at the MFIN conference in Houston, also 98% pitch free (break out sessions are basically advertistments from the sponsors masked by value-add presentations). 

My wife and I door knocked last Saturday. A few days later we got a very receptive response from an owner who we had left a brochure at the door. They were interested in getting a cash offer. The next day all communic...

I would assume you would want to budget for roof 25 year life span, hvac 20 year life span, appliances and hot water heater 12 year life span, bath and kitchen remodel 15-20 year life span, etc.

Your post is incredible on detail and observations.  

I would never pay over the appraisal value for a house unless it was in a very hot market and I personally needed a place to live. 

They can dig up incredible deals that are then passed on to you.