List price, appraisals, projections and pro forma's are all educated guesses. 

The same way a home's value is appraised, there's an appraisal process for the rental income.

Is there an actual appraisal?

They'll probably want to order an appraisal.2) Why haven't you saved anything up in the last 4 years for more investing?

The main thing with a non-local lender is they might not fully understand the specific market dynamics of your area, which can sometimes affect appraisals or timelines.However, they might be able to provide lower rates or better terms than local lenders so it is worth looking into.

If you do not need to go above 75% of the properties current value (and the property will pass an appraisal in its current state), you could do a straight up cash out refi using conventional financing, or go up to 80% LTV with some DSCR lenders.

Search the BP for ADU appraisals to encounter numerous examples.

At this point, I feel like both were wrong and I should just get a land appraisal.

Typically DSCR programs have seasoning requirements from anywhere on average of 3-6 months, which means in order to use the newly appraised value, you would need to wait a little bit (although there are 0 months seasoning programs).

Common reasons:1) Change of closing date (instead of closing end of month, if it gets pushed to beginning of next month, prepaid taxes, interest and insurance will increase because you have through to months end)2) Appraisal comes in low and LTV goes up.