I did some decent renovations on it, and it's very close to downtown Phoenix (8 minutes - no freeway needed) and close to the main university hospital in downtown as well.

Might be a little bit confused here, but from what it sounds like you were involved in purchasing the property, renovating it and then selling it?

In todays market it's hard to scale when you need to put 20-25% down with renovation. 

A mobile home for 10-12K will likely have to be bought off market and it probably needs to be fully gutted / renovated.

So I think moving the lot lines so the house and 2nd lot can be sold separately or even developed and also doing a moderate level renovation could really increase the value of this property overall. 

You will have to create your own renovation estimator with the numbers that you gather.

again, this tends to be the go to renovation for many.  

Then ended up completely renovating the home.

Either way, it sounds like significant renovation will be required.

Quote from @Raj Vardhan: Hello,I am new to the entire refi process and looking for some direction here:I purchased a foreclosed property 2 months ago using hard money and close to finishing the renovation.