However, when I look at the comps listed in the appraisal I feel very good because in general I was in each of the comps and know the differences far better than the appraiser who typically at best drove by the outside and talked to the realtor (often they have not even done that much). 

I also thought perhaps they could utilize hard money & they could refi into a conventional loan. 

I also thought perhaps they could utilize hard money & they could refi into a conventional loan.

A lot of lenders may tell you the appraisal is free however its not free if you dont close you will still pay for the appraisal typically (its only free and credited back at the end or at the closing table).The other part is to make sure rates are where you want them to be (low enough).  

If they did not exercise their option then I had a buy/hold where my tenant was responsible for all utilities, maintenance and repairs. 

If curious for some behind the scenes stuff, we talk about it as if it's "Fannie Mae's money," but typically there are other secondary market investors that'll pay a little more than Fannie for loans that happen to be above her minimum standards.

The banks typically want to see some track record before letting you GC your own builds, especially since it is not your primary house (I know my bank does)Most builders only doing a few houses will be at a % agreement, and if you do get them to agree to a flat fee, they will likely just figure out the % of the build, and give you that number.Something to consider, if you dont have experience on builds, cost plus could really get you.  

Because I work a typical 9-5 I can take care of any issues after business hours and I'm available via text or email virtually all the time.  

Utilize the the free books, tools, and listen to the PODCAST!!! 

@Michael Enriquez - typically in Pennsylvania, houses are inspected after an offer is accept.