Put in about $25k of improvements, to include 2 unit rehabs, new roof (mostly covered by insurance) new paint, and eliminated one unit.

To calculate your land value, take into consideration the average price per square foot or acre of the comps and apply that to your land.Steps to apply comps to your property:1) Compile multiple comps: Find a real estate agent to help you put together a list of comparable properties.2) Make adjustments: Analyze each comp carefully to determine whether it has advantages or disadvantages when compared to your property and make adjustments to the value upwards or downwards as necessary.3) Determine the use of weighted average vs average: Depending on how close the comps are to your specific property; you may consider utilizing the weighted average method to place a greater weight on those properties that more closely resemble yours.Using comps to value your land can add a component of complexity and subjectivity.

I can’t figure out how to calculate them… do I split the asking price by 2/3rds and 1/3 and put it in my STR calculator?

Now he says he isn't going to do what's required to get the permits and he is putting a lien on the property if I don't pay him an additional $40K on top of the $51K I already paid to date.

This would allow you to put 3% down on FHA loan and rent out the others to offset, hopefully cover, your mortgage payment + taxes + insurance. 

Just bear in mind your payment will be higher the less you put down.Hope this helps.

Please feel free to reach out if you'd like me to put one together for you.

Buying higher cash flowing properties, putting more money down, or adding value/raising rents can further reduce the number needed.I would recommend using the BiggerPockets rental property calculator and Rehab Cost Estimate Calculator to run the numbers on different scenarios in your market.

The idea that you can build wealth without putting any money into it is a recipe for disaster and the sales pitch of gurus trying to steal your money.

So far we're going to put up ads on Craigslist, Facebook groups and considering Furnished Finder.