I know the price of the property, the going rents, and if some development is coming that will either hurt or help my situation.

I "think" the City of Lawrenceville wants a deposit to turn on the water and that can be a deal breaker for prospective tenants who are already dishing out money for move in costs.

I am two weeks into prospecting for deals and got a home run with some caveats.

Your state or city real estate planning committee (each state has a different name like planning and urban development or planning and economic development or city planning commission) has meetings that are free and open to the public. 

I have shared them with the Development team.

Just simply creating a by-pass through checkbook control is not a solution from your perspective (as it pertains to securities laws violation).Please work with a qualified and knowledgeable professional to assist you in how you work with your prospective investors (or lenders).

Prop yourself up properly, develop a reputation for being on the up and up and this wont happen

When it comes to screening prospective tenants for income, do folks rely on a service for this or by calling on the phone?

There is space for development - Waco can grow east, south, and west.

I'm currently working in the South Bay (Palo Alto, Los Altos, Mountain View, Sunnyvale, etc.) doing brokerage and some development.