Do due diligence, inspections, appraisals, etc.8.

I just got the appraisal back last week at $40,000!!

The biggest issue will be the need to turn on the utilities for the appraisal along with the inability to do any lender required repairs prior to closing as HUD does not allow this. 

The 2-4 unit building are still considered residential and are appraised using comps which tend to be harder to find. 5+  multi family on the other hand are appraised using their "economic" value which basically uses the NOI and cap-rate.

I assume they just dont want someone having to go the the bank and start the HELOC process as that takes time and most likely introduce contingencies (property has to appraise to get HELOC).

THE INFORMATION CONTAINED WITHIN THIS ANALYSIS SHOULD NOT BE COSTRUED IN ANY WAY AS AN APPRAISAL.

We all deal with appraisals.

Will the appraiser call it out?

They require an appraisal and hard pull of credit, go on to your personal credit and are often interest only at first.

.- Its also my understanding, when working with the right lender and appraiser they can include the income of the property for the refi appraisal. boosting what you may be able to pull out on a cash out refi-  I am familiar with STR property management companies that will guarantee to increase your net while earning their split. helping reduce your personal labor.-  Another option you haven't mention...