The land by itself appraised for $60,000.

Simply achieving a 70-75% LTV appraisal and refinancing out your cash flow doesn't mean a profit will be earned. 

Buy a TLC or "ungly inventor" and use some of the cash to do some renovations before or after depending on if the properties were "Subject to" or would pass an appraisal and had high ARV potential for remodel or build out.

Unresolved code violations, such as unpermitted modifications, could impact your ability to refinance or could reduce the property's appraised value, affecting loan terms.

I don't think refinancing will make sense here at all, Assuming your property does appraise for $166k, and you take out a loan at 75% LTV, that will give you a loan amount of $124,500Assuming your loan fees are the following: Origination: $2,490Underwriting: $1395Processing: $500Title/Escrow/Other Closing Fees: $1800Prepaids: $1,300Subtracting the payoff + loan fees that would leave you with $17,015 at closing.

Obviously make sure you record liens against the property, try to get the borrower to personally guarantee the debt, charge points up front, get an appraisal. 

Conduct inspection and appraisal to confirm property condition and market value.Good luck!

The appraisal price estimation I imagine the price estimate is the most valuable but when it is at value are there any other details in the appraisal report that can be used for a price reduction?

@Kitty Walker- As an investor, I've refinanced multiple Padsplits and co-living properties (where we go direct to tenant without Padsplit), and I generally agree with your last statement, with some caveats:- if the renovation is done well, the appraiser may not even say anything that would indicate it is an "abnormal" SFR (has happened multiple times with me)-the investor may be wise not to make the house crazy- just leave a nice open living room, put double doors on the dining room so it can function as a bedroom now but be easy to convert later, etc.  

@Zach RumfieldEstimating an ARV involves using public sales data, subscription services, local tax assessor's website, real estate agents, CMA tools, and local appraisers.