You don't want to find out you are not actually covered or have to fight your insurance company to cover you.

Don't want to start a media war but this prompted my question.CNN recently published an article:http://money.cnn.com/2018/06/05/real_estate/house-...and the article states a florida investor made 400k on a flip deal. ...

I have been fighting tenants about the status of some condos that I own. 

You need to assume that at some point you will end up fighting in court and the documents you create before starting the partnership are the ones the judge will use to resolve the partnership. 

I have found that it's going through probate and two relatives are fighting for the property it seems.

So, just do it and fight for your interests. 

Maybe they won't want to put up a fight. 

They could end the trade wars, they could offer new tax credits (like the first time home buyers act back in the last one) but pretty much every time the government steps in to the knife fight, they bring a rocket launcher and F things up even more.

Glenna Irvine: Bought 3 multi families with her and she's been fantastic; DM me if you want email/phone

If it is a buy and hold I would take the appraisal as is and if the seller wants to fight it then let them, otherwise it is an oversight in your favor.