In my opinion it's not worth the risk of losing your shirt by not knowing the actual numbers.ARV - Repairs Formula:  $200k (arv) - $75k (repairs) - $20k (carrying) - $40k (profit) = $65k (67.5% off)% Off ARV Formula : $200k (arv) * 50% off = $100k (You would lose your shirt)

The main factor here in my opinion are junk fees.  

If you pull comps and write your letter, the appraisal does not have to change his Opinion of Fair Market Value, however he should/has to within the report address why your sales were not utilized and or why they are not considered reasonable comparable alternatives.

I'm definitely not trying to sway anyone's opinions here; but "everyone" has an opinion of everything...and if you don't have first hand experience with that particular person...then, it's just that..."

Fair enough, that's understandable, although I do see differing opinions (from searching around online) on this with some contractors being transparent about their markup and costs while others just providing a lump sum number.

What I am seeing in our areas are a couple of reasons.1) accidental landlords can finally sell- those who were waiting for the market can finally sell and get out2) relocation and cashing out the profit- those that are relocating and have no desire to move back to the area are cashing out the profit of 40k ish and running.Everyone has their own opinion.

After a while, i was contracted to start going into repossessed homes and doing inside pics along with adding my opinion to what may need repairing/replaced.

Personalities have been set, opinions formed and ethical attitudes established to fit their views.

Investing out of state is way to get started in my opinion.  

In my opinion, I think this is a great cash flow opportunity.As a broke newbie with low credit, this is obviously just a dream.