Hi,I bought this tenant occupied property about two months ago. 

Many people who bought in the 2004-2008 timeframe went through foreclosure.

Find the sales prices of those houses that were bought for tear down and rebuild.

@Nick Mulligan I originally planned to do FHA but the property I bought was disqualified from the FHA loan because of the proximity of a gas station (FHA requires a certain distance from a gas station to qualify, think it has to be more than 300ft ).

The first four homes I bought were with $4000.

I bought a few books, watched a bunch of videos and save a large portion of my income to use for investments. 

damn itSeller bought the house about 6 months ago.

you did not BRRR you simply bought on terms with it sounds like a short term lender and are now refinancing you will probably need to leave your equity in as it probably not realistic to think your property with only a 6k lipstick paint rehab went up enough to create enough equity to refi out and get your 10K back.. unless you bought way under market to begin with.

Houses that I'm looking at in NY are around $350k.I have a rental house in Texas with about 56k in equity that I bought using a VA loan.

Currently, they are treated more as an investment like gold than a means of exchange.