If your using financing the bank requires this.

Do you think the bank would sell this property at a low enough price to make this work as either a flip or a buy and hold for the area?

The appraisal should be coordinated by the bank that is loaning the funds for the purchase.I would strongly recommend using a buyer's agent, and they might also be able to verify that you are paying a fair price, and handle all of the nuances of the sale (purchase agreement, inspection, might be able to recommend a title company for the closing, etc).

Good Afternoon everyone,            I am using cash from a 'hard money' lender to acquire the property, I was wondering should I call the bank ahead of time when it comes to getting financing?

For example, if you establish a rental property as an LLC, you'll want to set up a separate bank account for that LLC and consider having a debit/credit card linked to that account.

Yes each renter should have renters insuranceNote: if this is a single family and your renting rooms make sure you are allowed too.You have to register with the jurisdiction - if you do not and you try to evict it can delay and get very messy.3.

The general contractor then communicates directly with the bank to get the draws.I was told that it's typical for the loan to be able to close within 30-45 days, so slightly longer than with conventional mortgages.

I'm interested in L/O or RTO as a strategy but also don't want to bank on people losing out in the end. 

Do big banks provide this type of loan?

For rental properties, I would just use cash and then refinance or use bank leverage in the first place.