I’m just trying to I guess get an appraisal on my rental and see if I can cash out refi my house to pay off some personal debts.  

In short though you're going to need a purchase agreement and could even use the standard real estate contract, and some people use a warranty deed.seller financing is when you don't have to give the seller some or all of the cash at closing, and then you don't have to get a mortgage (or as large of a mortgage) and you're able to make payments to the seller.

Do you have the cash needed to pay the attorneys fees, and the cash needed for the due diligence Inspections, and the cash needed for the earnest money deposit, et cetera.

Purchase price: $178,000 Cash invested: $2,500 We knew we'd be in the area for at least four years, so we bought this property that has a lot of room for improvement to gain appreciation instead of sinking money into high rents.

For example, which of the below metrics is most important if I'm wanting this property to cash flow? 

I think the 2 bedroom provides you with more ability to maximize revenue and still provides a large enough living area, especially as this is only a temporary accommodation for someone!

Cash flow is about $250 per month, but I currently have about $140k in trapped equity in the property.

Or if they want a high-interest rate, and your numbers will not work at that interest rate, or if they really want a crazy high price where it will be difficult to cash flow and refinance in the future.

Get the cash asap and get it done. 

I want to pull some cash out of the sale.