You have extra cash that isn't getting a return, but you would like to put it to work.

We would think the lender would want them to come up with extra cash to cover the discrepancy between appraised price and their offer price, which could be as much as $25,000.  

I was in the construction business since I was 17 including those college years.Since I was in Texas and planned on staying there I found out that I was qualified to take a real estate broker license test without taking anything extra so I got a license, in 1980.  

I rent out a house that is totally paid for and I use the rent to pay for the mortgage of the house I am living in.I don't have any extra cash right now and budget is tight.That being said, what are my options for leveraging the paid off house to purchase another house?

The extra $70k is your fee, and he'll probably need to come out of pocket for that because a bank isn't likely to finance an assignment fee. 

It's almost like putting extra payments into your mattress and then pulling it out in 2044 and exclaiming that you have EXTRA money. 

Some extra info would helpYou state raw land.

You said you don't want to view this deal speculatively, that being the case cash flow is king.As an aside, I would consider renting the garages out separately, or include them with the units as an optional ~$150/month extra.

We had it listed for 1250 per month but rented it for 1600 per month to a couple who's house exploded in a gas fire and insurance is paying extra because of the short 6 month lease.

If you find what is in your criteria, and feel it is a deal it may be worth spending the extra 150$ to turn on temporaly.