The regulations vary by county so, so yes- do your homework. 

I'm assuming within the 6 people, there's one with capital, one with construction knowledge, one math/accounting guy, and one real estate salesperson. 

Do the math and see what is reasonable.

Do you homework on the market and you'll find a good deal that works for you. 

Do the Math!   

Thanks goes to our dedicated accountant, Daniel Barakat, who patiently listened and then taught me how to categorize transactions (I am in sales, not boring math for darn sakes).

Also the course decribing the lot doesn't close by 35'...three parcels adjacent to ours that we share a boundary with have completed record surveys over the last 40 years and have identified and attempted to reconcile the issues using good survey theories (the art behind the math, who gets what and by how much and why).

Home prices are high here so I'm really leaning towards investing out of state or in a different part of Florida to create cash flow vs. buying a personal residence and starting my savings over from scratch to invest.Don't get me wrong, I really want to buy a place of my own that I can live in but the math is making a bit more sense to me if I invest first.

Sorry, and perhaps it is just me, but I cannot follow your math and I don't fully understand your question.

An easy math example is $1,250 of rent needs to support $1,000 of mortgage, property taxes and insurance and HOA (if applicable).