I am new to investing and after a few deals that had multiple other offers that I didn't win out; I did execute a purchase agreement last weekend but doing more analysis on the property and potential rates being 7.5%, appears to be very tight to limited cash flow.

Some properties also cant be rebuilt so supply is limited while demand increases for a few years.

Banks won’t loan money to purchase land (usually); so any buyers will either have to be flush with cash up front (which severely limits your buyers pool) OR the seller has to make it easy for an interested party to purchase the land.Seller-financing works great with land, as do land contracts.

I believe you are limited to 10 loans for you and 10 for your wife, but even though they are rented and bringing in income they go against your DTI. 

Low entry, limited inventory on market, a quick 2-3 month project How did you find this deal and how did you negotiate it?

Like others have mentioned, it's beneficial to you and your business partner to ensure the LLC is established in a way that does in fact limit your liability. 

To meet the IRS requirements for STR the number of personal use days is limited.  

The average price per land for urban infill going 6-12 stories high on a higher density product is about 5 million an acre up to about 25 million an acre. downtown market premiums I've seen at the highest are 1200 a sq ft. in columbus you can get land about 1.5 million per acre downtown at best price, sells for about 600 a sq ft max, very little competition compared to miami. tampa I didn't really look at too much because miami has 22 zip codes that you can build at least 6 or 8 stories on and just a much better landscape than other markets. tampa is a little bit bigger than columbus but in my opinion more of a suburban market. miami is landlocked and very limited so everything is in redevelopment. both are amazing opportunities but the barrier to entry is much higher in Miami with the smallest plots of land infill going for at least 1.5 million I would say in areas like Wynwood Norte, Wynwood, etc. we looked all over but prefer east of 95 due to the condominium opportunities. multifamily is very strong in both markets but the condo premiums make it almost silly not to do one from the start and the use of deposits versus a single asset lease up and disposition is a longer sales cycle than the condo buildings being sold out prior to completion.

Also a person worth 2 million who invests 200k into a syndication might take them many years again to invest with you because of limited capital.  

you are able to utilize the DSCR loan which is limited doc and are able to cashout upto 80% of the equity .