As stated in my subject line, My name is Walter I'm 33 years old and I'm blessed to have a beautiful wife who shares the same goal as me as we both are looking to become full time real estate investors.  

Then you should factor your security deposits and several other unknowns in you purchase price.  

That's the "beauty" of short sale listing for agents.

You would obviously have to factor in demo costs of existing structure, any environmental abatement etc, however that would be my first approach on establishing quick value.  

As a kid and even now, I love to walk around wealthy neighborhoods watching the beautiful houses as I walk to think about how to be successful.

ARV is about 120k.. 25k profit for selling a contract is a beautiful thing... however, if I knew how to fix it myself I could have put 20k in it and sold it on the MLS for 120k.

May want to factor in some costs to update the units if needed.

Lack of experience may be a factor as well so you don't bite off more than you can chew so to speak the first time around. 

But, being the newbie I am, I am questioning how to know if a bank will approve a refinance.The property does not (on the surface, no inspection yet) need any serious rehab, mostly fresh paint and carpet here and there.The property is almost fully rented and would generate positive cash flow from day one.What other factors might play a part in whether I'm approved for refinancing?

The real deciding factor that I was waiting on for Apple was when they went with the bigger screens.