Am I ok with this plan to ride up the appreciation, mortgage pay down and rising rents?

Yes, we will have a loss for 2024.Then it should be easy enough to have your attorney just change it and pay any required taxes/fees.

Of course you don't want to over pay for land, but site conditions and construction type will dictate costs....is there underpinning?

Right now, the best offers around me are for some 1.3-4 million, that only generated around 100k per year gross, so there would be a high chance of not cash flowing, and paying money, especially with a commercial loan (these buildings have more than 4 units).I was thinking that although the rental itself does not generate money, I would be able to deduct the mortgage interest, and depreciation from my personal w2 income and would be net positive.

Bottom line: the tenant doesn't get to decide how to pay you.

A longer timeline will make paying the extra 2% now more attractive.

The ONLY exception is that a landlord may charge two months' rent if the tenant qualifies for utility assistance, the lease requires the tenant to pay utilities directly to the landlord, and the tenant and landlord agree in writing.

I could take look at it for you, and help you understand it if it's a standard lease, no need to pay me, although I am not a lawyer.  

The law does NOT apply to landlords:With less then 5 rental unitsThat live in one unit of a duplex and rent out the other unitThat rent out rooms in the home they occupySo, landlords can no longer state in their rental ads, "Section 8 not accepted".The reverse is also true, "Section 8 only", cannot be used.We've always recommended screening S8 tenants the same way as cash-paying tenants.Landlords waiving application fees and/or security deposits only for S8 prospects may also be violating Fair Housing.

Cash Payment: Decide whether you'll finance the purchase or pay in full.Future Resale Value: Factor in potential appreciation of the property.2.