Due dilligence with cash purchase

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My wife and I have saved 80k and have qualified for a heloc of 160k. Our plan is to locate a property in the next few months in the 180-220 range and use our cash and heloc to make the purchase. Use the remaining money to make any repairs that might be needed before we rent it out. Finally we would like to refinance to a 30 year fixed to pay back our heloc off. 

All that to say this will be our first investment property, and the only other experience that I have is buying a primary residence with a conventional mortgage. I was wondering if someone could walk me through the due diligence process when making a cash purchase. I have heard that people can close in 7-10 days when using cash, but are they really getting an appraisal (I know it isn't needed but thought it would be a good idea on my first purchase), inspection, title insurance, etc. 

Thanks in advance.