In playing with the numbers a bit, I'm seeing a trend of atleast 2% rent to price and (ideally) < 7% mortgage rate needed to achieve a decent cash on cash rate.

I never go off of a flat percentage on anything, I analyze the costs to get to a specific return I target and analyze the risk that is involved. 70% may be an initial metric to see if it is even worth pursuing, but every deal should be evaluated independently based on costs, time and risk involved.

You can't decide which one to choose based on the minimal information you provided.

I think new investors who post here and take all the feedback as a whole, with a grain of salt, can really put it into play in real life and then discuss with investors at meetups in their area to get over the hump.

I've been allocating based on sf used all direct and indirect costs. 

FWIW, I'm going to base this off a 1,500 SF single family new build, but I'll predict the build cost will be a little over $200/SF.

Long term play would be to either use it as a short term rental or 1031 exchange it after 2+ years.

I’m a broker based in Charlotte, NC, and I work with Compass to support investors in maximizing their growth strategies.

I am also curious about when/how an attorney/legal involvement comes into play with this.

This platform has played such a key role in my journey over the years.