In addition, CCSF offers a 18-credit real estate certificate program that I'm looking in to as a way to get more formalized education.

I would implore you to get a great mentor with a true formal credit background...not just someone that's made some loans out of their IRA.

They do in house evaluation for the ARV and no formal appraisal.

If you create a separate entity like an LLC set up a separate bank account(s) for the business - and look up "LLC entity formalities" while you're at it.I will say (with the voice of some experience) don't bother analyzing things to the Nth degree to determine an ultimate "exit strategy for the LLC".

As for malls and shopping centers, yeah, retail is hurting, virtual working is booming and with that brick & mortar work space better re-think and reinvent itself, quick.

They may ask you to submit a formal request in writing in which case you can either fax or email the request in by referencing the loan number and asking the bank to kindly initiate a recast on your mortgage. 

I know equity stripping techniques have already been discussed in a much more formal context. 

If the lender's specific desktop appraisal comes in low you can usually then pay for a formal appraisal if needed.

If your step mom is already helping out, then maybe just formalize that in a lease? 

I didn't have any formal lease agreement which probably wasn't a great idea.