Also---you need to make sure whoever did the rehab did it correctly (no point in paying a premium price is the work isn't done correctly)...lastly if you pay for a turnkey property...how do you know the tenant is paying a market rent and is a good tenant (credit score wise, payment history wise) etc?

You are planning on buying cash flowing properties correct? 

If I understand correctly you'd be purchasing the land, and improving it and splitting it into the appropriate "buildable lots". 

Asking in the correct forum will get a better response.Need a spreadsheet or form?

That part is not as straight-forward.Such operating agreements are frankly costly when done correctly.

Handle all maintenance in a timely manner (know how much time you have to respond and correct problems)?  

So yes, correct, the borrower is the USER not the owner, the bank/lender is the "owner" right.

No to very little crime no worries with water or food borne illness's  etc etc.  

My experience has been that this is absolutely correct.  

I believe that the ARV I originally thought was correct of 160-165k which after a cash out refi will get me my money back and then be about break even.