If you decide to move forward, best of luck to you.

But if costs are high or demand is uncertain, holding onto the land while monitoring the market might be the better play.

How do I go about finding the best banks or companies to get pre-approvals and is it worthwhile to get multiple?

Very commonly the resident pays a portion of the rent so your rent increase will affect their budget and their lives. 

Good luck with the team-building :) that is the most important phase, without which, growth and scalability will be hard to achieve!

My guess solely looking at your numbers is that it's an older/distressed property which means you have to account for more costs in capex. 2nd thought being it's not in the best of neighborhood then you'd have to take into consideration lower quality tenants/ neighbors and maybe increase expected vacancy and late payments.

I help investors optimize their financial strategy by implementing the Infinite Banking Concept (IBC), finding the best insurance for their properties and cars, and connecting them with legal experts for living trust creation.

I find it best if you approach it thinking it's more-so a commercial lease done in a residential asset.

I think that 1031 investors are savvy investors who recognize that it's not very realistic to think that you should be able to sell your property for top dollar and buy your replacement property from the bargain bin.  

Did the COVID bubble alter this generalization for the current market conditions?