The prices reflect numerous items including perceived risk, perceived appreciation, and perceived cash flow growth.  

The market where I live (Winnipeg, Manitoba) is going absolutely bananas right now with low inventory and crazy bidding wars so I know that the ARV will be amazing.This home is in need of a complete makeover... drywall repair, new flooring, new kitchen, new bathroom.

Howell[5] The Professor[6] Ginger[7] Mary Ann[8] Wrongway Feldman[9] The Japanese Sailor lost in the woods doesn't know the war is over.[10] Harold Hecuba, Hollywood Producer.

Turnkey are easier because there are no bidding wars.

Nice solid neighborhood, post World War 2 construction there means less problems than you might get further west in say Petworth with the older housing stock there.

They'll do this by exposing the listing to the maximum number of people through their network and through the MLS, listing at the best price to attract the most eyeballs and spark a bidding war, staging/photographing/advertising professionally, and sorting through the multiple offers/countering them to get the best terms and best overall offer (as well as the one most likely to make it to the closing table). 

Not an expert on this, but these days, many, many properties go through bidding wars and end up selling far beyond appraisal.  

I and many others have done numerous deals using those exemptions.

I obviously have numerous concerns beyond just his ability to perform responsibilities with an arrest and possible time to serve. 

Pulling relatively tiny amounts of equity from numerous properties to fund another deal feels like a bad idea.