The bank will most certainly appraise the remaining properties in the blanket and may deem the value of those to not be sufficient to collateralize the remaining debt and force you to pump more cash into the deal.

I believe most important.If you plan to live off the appreciation of a property(ies), you are betting that there will always be sufficient price increases over time so yu can tap into the appreciation when you need money to be able to live your desired life. 

We’ve learned quickly electrical and duct work in a 1940 built home will eat a budget fast…At least the exterior reflects a vast improvement.What made you interested in investing in this type of deal?

Will it be sufficient for your growth?

If you’re concerned that today’s market is a bubble, this should shift your focus from a possible drop in prices to a possible drop in rent.As for what rent margin of error is sufficient, the historical record yields a decent enough line in the sand.

They told me that they tried to get this issue fixed when the community was still under builder's warranty, but didn't get enough votes from the community, so they just fixed it thinking it was sufficient. 

However, we were curious on undeveloped land if things like Hip Camp and private fishing hosting etc that generate income would be sufficient to purchase the land without paying capital gains from salE Of the rental house.

I would highly encourage running analysis out for at least 10 years (BP calculator is great for this) and the vast majority of the time by year 3 the returns are solid.  

Would plan on waiting 6-12 months after purchase to refinance (which means my primary lender would need to carry the loan for that long), should that generally be sufficient?

If she has sufficient income and can otherwise qualify for the rental I would be tempted to go with it.