I like the idea (maybe not inline with your plans) of buying farmland slowly and steadily on the outskirts of cities (in the path of progress, as they say) and speculating that way. 

They aren't evaluating you as the seller as much as they are evaluating the property against other available\recently sold properties. 

Based on the information you provided, the gross income from the property should be around $36,000 per year, and the property's taxes and insurance will cost a total of $11,400 per year.One thing to consider when evaluating the potential profitability of a property like this is the expenses associated with managing and maintaining the property.

I will just evaluate another property of theirs until one matches my criteria.

After talking to a few hard money lenders, I notice that majority of them want you to already have purchased the property, so that they can evaluate the loan ARV. 

You get the wrong guy on the wrong day and you are tearing out the kitchen.If you want to take a calculated risk, find a local contractor familiar with local ordinances and pay him to evaluate the work. 

Cash offer. purchase price : $145,000 rehab cost : $41,000 ROI = 32.5% Milestones: 1/21/2014 purchasing 4/16/2014 listing 4/21/2014 pending 5/16/2014 closing & funding Before work in progress After

Given that background, I want to caution you on the use of the 2% rule as a hard and fast rule for evaluating property.  

Not to mention that since it's your first deal you really need to see how things progress for you during that first 12-24 months of ownership.  

Once you determine what your goals are and what path you want to go down  the best way to get started is just to constantly evaluate deals.