Some banks requires 12 months seasoning before they will allow you to use new appraised value.  

@Engelo Rumora I was wondering what more seasoned investors thought about this. 

This is a very important lesson for rehabs that think they will be able to do a fix and flip within 30 to 90 days and then be able to sell their house to just anyone because lenders require seasoning and in the case of FHA that can be between 180 days to 1 year and as you have discovered you cannot have the buyer pay for the appraisal.

Anyone from just thinking about getting started to some very seasoned investors. 

I think Union City is getting super heated, so it's hard to find quality returns, particularly in the 2-3 family range because you're competing with seasoned investors plus house hackers plus pretty much everyone who can afford a down payment.

Ski season in this area is busy from early December through mid March.

I don't have a clear picture after the first two years about when a property is considered for income vs. expenses- it might depend on whether it is underwritten by Freddie or Fannie- but the new property may have to be "seasoned" for another 2 years before it helps your DTI or it may count to qualify for the loan you are trying to obtain.  

I feel like I live in a great location to cash in on multi-family units and vacation rentals in all seasons.

Seasoned successful investors are usually happy to pay a fee for good deals. 

Between seasoning, lenders not going above purchase price, etc, it sounds like this step trips a lot of people up!