I'm 25k out of pocket for permits and clearing.I bet the pre-permitted 10 contiguous lots on the river would appraise for at least 150k.Am i being overly optimistic?

It isn't impossible but as @Jimmy Lieu mentioned, there is a steep learning curve.Depending on your liquidity, out-of-state buy & hold rentals could be your best bet if NYC investing is out of the picture.

PG's are worthless those that have PGs that are worth anything dont need gap funding they have the cash.this is a play for folks you know well .. not for internet facebook BP etc.. people that do this do it because they know you like you trust you and think your a good operator.Public has to many other choices that are much safer bet.. its not always about ROI with those with money..

Here are the column headings of the "Amortization Report" portion ...

If you have deep pockets, I think Austin will eventually reward you, but if you are a newbie in real estate looking to cash flow positive day one or shortly thereafter, Austin is probably not your best bet in TEXAS.  

The Midwest is probably your best bet for a number of reasons.

As a rental, tenants will likely prioritize the location over minor inconveniences.Your strategy of betting on appreciation and eventually pulling equity makes a lot of sense in this market.

I bet people will not be getting paid their dividends very soon.

Liquidating the property is by far your best bet. 

Your best bet would be to find a portfolio lender whose niche aligns with your investment strategy.