Spent 2 months cleaning up the property, surveyed it and divided into 2 parcels.  

If anything I'd take that $ and get a survey to make sure the fence isn't encroaching on my property.

His response seemed weak to me, said he can't offer advice as far as the law is concerned, because its an "as is" property, attorney will order survey, title reports, etc.  

I'm looking for some help on the numbers.This would be my first BRRRR deal so kind of nervous.Purchase price $281KClosing costs (Attorney fee 995 +inspection 600 +survey 250) = 1845Total = 282,845Rent estimate = $2400Prop mgmt = 230 (10%)Tenant turnover = 110 (5%)Prop maintenance = 110 (5%)Capex = 110 (5%)Tax = $350Ins = $100 (guestimate)Reno budget = $25KARV = $330KRefinance: P+I = $1275 (70% refi)Prop mgmt = 230 (10%)Tenant turnover = 110 (5%)Prop maintenance = 110 (5%)Capex = 110 (5%)Tax = $350Ins = $100 (guestimate)Net = 2400-2285 = $115 /mo.I know it's not a lot of cashflow, but A class neighborhood and potential equity make it a sweet deal.

My first rental property is in a city, and the previous owner didn't have a survey.

The hard money lenders I know base it all on the property (no financials, credit, etc.)... as long as there is a survey, the property is under contract, they will loan up to 70% ARV.

Its a very gross rule of thumb that has a fistful of assumptions.The 50% rule, OTOH, has been borne out by several large surveys.

You're ignoring the fact that the results from every survey ever taken shows the number one thing that causes family problems is financial problems. 

But with no more stimulus and unemployment running out (unless refreshed) then right now some surveys are saying that June will not be as good.

This involves getting a new survey and "inviting" the town inspector to come onsite and evaluate the structure(s), including determining which structures were original (pre 1959) and which were added subsequently.