From a personal standpoint I target 70% LTV for any investment I have that way gives me ability to sell it if I need tooI'm Canadian so it a T4 up here and yes I'm I high earner who can handle vacancies if need be. 

I would also highly recommend you set some parameters when thinking about working with non-accredited investors or if you are one and want to invest on a large deal. 

I highly recommend going to meetups and talking to investors in person. 

BiggerPockets also has a calculator to analyze deals, and I highly recommend you start this as soon as possible, even if you are not ready to buy.

Tenants in Brooklyn tend to stay a minimum of 4-5 years in NYC due to high costs of moving.  

And you get feedback at a level high enough to determine how to proceed. 

Should I price the land 2 times above market value and offer a low interest rateORPrice the land at current market and use a very high rate?

The high end rental properties can be a different animal than your run of the mill $2,500 month rental both in terms of upkeep and demand.

I don't do this for a living and have no real world experience, but at 40% down, even with a 7% int rate, that seems like a high monthly payment.

that we’ve learned in our 24 years, managing almost 700 doors across the Metro Detroit area, including almost 100 S8 leases:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.