I am looking to Refi the property and also acquire an additional unit.

@Doug Rich, @Justin Mespelt, what I forgot to mention was that we were also offering to pay any appraiser an additional $1,000 on top of their normal fee in order to get our appraisal done.

Additionally, I am also a licensed residential realtor in the city and am here to lend a hand in any way that I can!

He's provided me with additional advice and quick responsiveness for a Richmond tenant issue.

First it is  not MY formula.Second, it is not useful for your $50,000 house because there are no cap rate comps.Third, few properties sell for almost 38% discount if they are in marketable condition. 

No stressful refinancing or additional closing costs required.- Tom

Thee BB gun is on the knowledge side, assuming you can get the money.Do you know the cost of your private money, and you probably won't need the whole value, seller financing has benefits to your seller he's not aware of;The assets determination for Medicare will discount a note to it's market value, that boils down to less out of pocket in the event he needs medical care. 

If they're doing any additional work such as rebuilding a chimney it might be more.

So my whole idea as a brand new investor was to purchase the land at a discounted rate, and eventually sell it a few months or within the year for profit.

I am trying to discover the real way to earn my family some additional income in real estate, either through flipping, or developing rental properties.