The additional amount could be due to the lack of payments, legal fees, a possible refinance, and/or home equity loan.

If you aren't concerned about equity, couldn't you just buy another 4 unit that is move in ready and not have to deal with the massive headache of a 50k rehab?

Deal analyses below:Property #1 Purchase Price:$82,000Projected ARV:$105,000Post-Rehab Appraisal:$111,000Estimated Rehab: $11,000Actual Rehab:$14,518Financing:1st close: HML for 90 days at 9.99% and 2 points; 2nd close: 30-yr fixed at 4.375% and 0 pointsClosing Costs:$6,982 (2 closings)Rent:$1,200Cash Flow: $327 (after maintenance, vacancies, etc.)Cash on Cash Return:11%Timetable:Rehab Complete – Day 15 (started Day 1), Tenant Occupied – Day 60, Refi Complete – Day 83Property #2 Purchase Price:$120,000Projected ARV:$160,000Post-Rehab Appraisal:$162,000Estimated Rehab: $18,000Actual Rehab:$18,034 (amazing I got so close on this one)Financing:1st close: HML for 90 days at 13.99% and 3 points; 2nd close: 30-yr fixed at 4.5% and 0 pointsClosing Costs:$11,977 (2 closings)Rent:$1,420Cash Flow: $258 (after maintenance, vacancies, etc.)Cash on Cash Return:7% (not great, but at least I have some equity)Timetable:Rehab Complete – Day 25 (started Day 10), Tenant Occupied – Day 44, Refi Complete – Day 50Key Lessons Learned:Be super diligent on the refi process. 

If you're in Old City, I could pay 6 and still have equity the day I purchase it.

Right now we are looking into a equity loan and planning on purchasing 1-2 properties.

I have talked to a few people in the Real Estate Industry and have had mixed opinions as some say is a bad Idea to start as Part Time agent.I would like some Feedback either positive or negative if I'm heading in the right direction or if anyone has taken a similar approach.Thank you in advance.

In addition, if you can buy a property under market, or with an opportunity to add value (even if it's just paint and landscaping), you then have the ability to give your investing a boost when you either raise the rents because you have a higher class property and/or pull out some equity to invest in another property.  

If you do this, the bank will be looking at the asset, whether it is performing, cash reserves, cash flow, equity, debt servicing, etc.  

I also obtained certification in mitigation for foreclosures, short sales and tax sales for Global Equity Lending and American Home Lending.

If y'all have any financial condition positively doing well you might want to protect yourself from others from others who get upset with you you might ought to form some kind of corporation or a LLC.