If they are VERY professional, they will have their processes in writing as verification that policies are enforced equally and fairly by their entire staff.6.

My concern was that they could take action once notified by my insurance company that the policy was switched to a rental property.

It will be up to your lender's policy whether they can do this or not.The 20% and amortized for 25 years seems very favorable.  

As a wholesaler,  I aim to develop relationships to benefit BOTH investors and sellers through ethical and transparent communication.

I don't know if this is specifically the case with Chase, but some banks and credit unions have subsidiary appraisal management companies collecting that appraisal fee, so that would be even better for the bank if that is the case.The other garbage estimator websites, like Zillow or Redfin, do the same stuff, but are aimed at bringing business in the door for their primary customers -- real estate agents (you, the person reading this, are the product being sold).

Arkansas Code § 17-42-104(a)(1), concerning exemptions, is 20 amended to read as follows: 21(a) This chapter does not apply to: 22(1) A person not licensed under this chapter who performs any of 23 the acts described in § 17-42-103(10) with regard to the property owned, 24 leased, or purchased by him or her; as: 25(A) An owner of an individual freehold or leasehold 26 interest in real estate; 27(B) In the case of a corporation, limited liability 28 company, limited partnership or other entity recognized by law holding a 29 freehold or leasehold interest in the real estate under subdivision (a)(1)(A) 30 of this section, a member, manager, partner or officer, who has authority to 31 and does make management decisions affecting the overall policy of the entity 32 regarding real estate activities involving only the interest of the owner; 33(C) An individual attempting to acquire for his or her 34 personal use a freehold or leasehold interest in real estate; or 35(D) In the case of a corporation, limited liability 36HB11632 01-12-2017 09:53:17 SRC062company, limited partnership or other entity recognized by law, intending to 1 acquire a freehold or leasehold interest in real estate under subdivision 2 (a)(1)(C) of this section, a member, manager, partner or officer, who has 3 authority to and does make management decisions affecting the overall policy 4 of the entity; 56SECTION 2.

You get a 1st lien position on the property, demand note, a JV agreement outlining duties and responsibilities of you and your partner (more his responsibilities to make sure you get paid back), and have him add you as additionally insured on the insurance policy.

Agents come up with practices consistent with being fair to both sides of transactions, as well as real estate brokers promulgating policies consistent with that. 

Defiantly get rid of them by February 1st if you legally can otherwise aim for March 1st.

@Andrew Johnson My responses have primarily been aimed at folks just blanketing that since an agent doesn't want to show a property because they'll only make $500, they need to be dropped.