I took that number to determine my offer and calculated .65 x 46650 =30322.50 (didn't subtract repairs as seller stated everything was up to date) but is that the correct formula to use to figure out how much property could sell for?

Figure out their land basis, subtract it and that'll give you a figure for soft costs, hard costs and development fees.

Then, you can subtract the cost to build from the average price in the area to get a rough idea on what the land value is.

Subtract commissions, closing costs, concessions, requested repairs, and my private lender’s profit and we’ll walk away smiling and thanking Jesus for the opportunity he’s given us to make this money but also smiling that a new family will get to enjoy this home.How did you find this deal and how did you negotiate it?

For example if home price average in the neighborhood goes for $200 do you just pay $200 and just try give less down payment or do still try subtract 10% to the $200 which is $180k and try to give a less down payment?

Subtract the sum of these numbers from the contract sale price and you have their profit. 

Subtract the rehab cost, $50sf low end $65sf high end.  

Insurance - what percent of the purchase price should you subtract? 

I offered to cover the fees and subtract the fees from the offer price.

Back to lurkers: When you have unacceptable funds introduced, underwriters must "back it out" by subtracting that amount from your balances.