I currently own a home in Seattle (Queen Anne) that has appreciated roughly $1M since we purchased it nearly 9-years-ago. 

Just purchased my first STR in March and looking to buy more.

Purchase price: $607,000 Cash invested: $30,000 Just got done with this unfinished home went in and done most the labor myself with my brother and cousin to finish out this 6900 sq ft home we added and addition 900sq ft during the process.

Lastly, it cost money to sell real estate, typically 6-8% of the purchase price in transaction costs.

If you believe the appraisal is completely wrong, you can order a new appraisal.When you say 75% LTV, do you mean 75% of ARV or 75% of purchase price?

@Adam Rivera, the 1031 has to  be a sale of investment real estate followed by a purchase of investment real estate. 

Much of what he purchased is now worth anywhere in the 4 to 5x's what he originally paid for it range.

For the first four properties that I purchased, the loan officers sent me "initial disclosures" which clearly stated the interest rate expected closing, expected monthly payment etc. 

There are a lot of people doing on-market here in Florida, if you are planning on going that route make sure to have the right disclosures to prevent any fines.Always disclose to your buyers that you are selling your equitable interest or rights to purchase the property.

If you have a specific property in mind, maybe call the inspectors office and get info on the process and what they are looking for when inspecting for a STR.You might be able to have one come out before the purchase to get their opinion.