IMO, the biggest reason for properties with higher appraised value than selling price in smaller counties is due to the volume of sales data available.

@Jeremy Resmer any reason to just need that specific loan type? 

Any reason sweetwater has sparked your interest?

They said before we discuss anything in detail they want me to sign a non-disclosure agreement.Can anyone think of a reason why an investor wouldn't want to sign an NDA to find out more about a property?

The reason many are agents or related to one is to save the commissions when purchasing and selling. 

That along with the eviction, regardless of the reason, makes it a definite no-go.

@Terrence Williams - I know it seems counterintuitive to not use debt... but basically 2 reasons:1) We bought a distressed deal and the bridge financing would have been too expensive2) Less risk and now we don't have to worry about the debt service 

thanks man and yes that's why I would like to see outside my are because I live in a good market but I think that a lot of investor and home owner are playing too much with the prices and the other reason is to expand my range of action 

@Will Proulx the whole reason of my post on "how to get cash out of a 1-4 unit property" is to totally avoid the "whichever is lower" rule. 

As you mentioned, your dollar goes much further in Louisville than it does in California, and because of that very reason I've been searching the Louisville market for investment opportunities.