Now after the seasoning period of 6 months to a year I plan to refinance and cash out to repay my parents and hopefully make a profit assuming the appraisal value is higher than my purchase price of the property. 

Condo's are appreciating quickly here, low inventory on the market, high demand for the investments upcoming on the resort mountain.

Houses will be low 400's to high 400's (1,900-2,300 sf) depending on the model.

Low 600s or high 500s may be impossible to approve. 

I may not be thinking of buying the property, but if the bids are too low, should I just not make an offer?

Also in the price range you are considering you are running a high risk of having a low quality experience.

Hi @Sarah KhanCapital View area is up & coming and continues to experience growth with low median days to contract.  

These can be "conforming loans" like FHA/VA for low down payment.If you don't live in it then it's similar but it's considered a commercial loan and you will likely have to come up with more down payment. 20%-25%

We were thinking of moving to Vegas since Nevada does not have income tax or Arizona which has very low income tax.

I believe that you can put a fourplex that you will live in into an FHA loan, which will keep your interest rate quite low and your downpayment low too.