They are not liquid like your stocks, but because of that they are less volatile and can preserve generational wealth (kids will spend cash but they can maintain wealth if you are passing down units of investment in commercial property). 

Location being equal then yes the cool factor can generate a premium for rent and for sale.

Granted my goals have drastically changed and I'm now working on being FIRE, but the point still stands.It is certainly the road less traveled, but I have zero regrets about not continuing my college education and the idea that everyone needs one only further contributes to the student loan debt problem facing my generation.

Since it isn't generating rental income you have to rely on appreciation.

Cost to refi is dependent on value of the package, how much is owed on the packaged and how much income the package generates.

What are some ways I can go about getting the funds needed to perform the repairs so I can start generating income 

Then you'll have some degree of payroll costs whether you DIY payroll or outsource to a professional.This strategy yields the best results with a large family real estate business (i.e. an RE business that generates a lot of cleaning and maintenance requirements) and a 14+ year old who has nothing to do during the summer and can work for at least a few hours without supervision.Best of luck.

Is there a way to generate income from the large lot while tenants are living in the house?   

Set a goal for yourself, likely a cashflow number to cover your current expenses, and then figure out how much real estate you need to own to generate that cashflow.

One is hawking multi-families, one is single family homes, another has a system for wholesaling and "paper-flipping" homes, one has a lead generator, the other guy deals only with disabled-person housing.