At that point we hired an independent appraiser and the numbers came back good and the hard money lender agreed to use them.  

There are less expensive hard money lenders out there. 

I financed the acquisition of the land with personal and private money.

Plus, that is the cheapest that money will ever be for you.  2.65% interest rate? 

I know it is expected that you will need to spend some money after someone moves out but I just didn't expect I was going to need to spend appx. $10k to get it rental-ready. 

I was able to get my money back in using business line of credit without touching or doing anything to the property.

I think $10k/mo is good money, other people live in expensive areas or have higher taxes and need $20k.

It's real estate in markets with population growth, it's pretty hard to lose money if you get an inspection and appraisal."....Wishful thinking at best when buying C/D properties.

If you achieved this by paying all cash, then you are losing money. 

I bought this property with a private interest free loan from a friend. the person i bought it from need cash fast so i offered them a low cash offer and they accepted.I had enough money saved up to rehab the house with my savings.