Not all insurance companies will insure vacant buildings / construction projects.

That amount will need to cover the projected All-in cost basis as a minimum.Be sure the bank will refinance based on a new appraisal after the Rehab and not based on your initial purchase price/costs.

No, its not unreasonable for you to have a conversation with a lender and for them to give you some general quotes based on your projected numbers.

I had one GC come scope out the work in the kitchen and bath and was told it'd probably be around $50-$55k for the work...this will be our first reno project but those numbers sounded out of the norm.

Where is this project located (just need the city)?

The debate going forward is continue using my own cash (in total control, no interest, can make more competitive offers to acquire properties, higher $ amount returns, no contractor draw requests/inspections to deal with throughout entire project) or turn to a HML who is going to cost me around 10-11% with 2-3 points interest only loan with no pre-payment penalties (much less cash out of pocket, high cash on cash % return, potentially do multiple projects at once). 

I am finding some projects here and there.

My good friend, who has flipped four properties, noticed that I was interested in his projects and suggested that I check out BiggerPockets.  

As someone who likes to be conservative with projections in all other things I do, I totally understand the conservatism here.

Perhaps you can come back to this deal in a month or two and see if things change in your favor.You are a thorough Buyer and do very detailed analysis of your projects.