Is this correct, or can I get a refinance if say I buy a house for 50K and than ask for a refinance on that 50K property I bought in cash (without performing a rehab)? 

For my first deal or so I'd envision contributing the due diligence on the acquisition, performing all project management of the rehab (while paying contractors at an arm's length), refinancing / financing the property and then performing the subsequent management.  

Drive to examine the problem  1/2 hour , drive to supply house to pick up materials 1/2 hour , drive back to house 1/2 hour , perform work 1/2 hour   There is 2 hours of labor not including materials .  

How are similar properties in the same area performing?

The third one i was high bidder 4xs and seller finally determined that must be market and accepted my bid. 

I worked 10 years for the consulting arm of a big 4 accounting firm, helping Global Investment Banks, Insurance Firms, Multinational Asset Managers, and Hedge Funds improve their back office operations, specializing in implementing investment performance measurement systems.

With only a third grade education due to having to work to help his Mom support the family, He was able to leave his children a Triplex, a 5 unit mixed use and a 2 family home.  

Ping some world class performers in their respective fields, and see how many hours of sleep per night they get ;)

They are asking for a line item, not who will be performing the job.

When I first started out I really had no idea what to think, what to do, or where to start...Today, I just finished my third investment as a private lender for a rehabber (earning 12.5% interest) and I have a fix and flip in the works (thanks to a great team I've been lucky enough to align myself with over the past year) which looks to be finishing up in the coming months.