Is this too much and if so when should I lower the price and how much is reasonable enough for both sides 

If talking to more builders does not work out to join you on transaction #1+ and you have enough capital and heavy rehab experience along with a GC / builder doing the project many lenders out there will offer you a lower leverage loan for your first project on your own.  60% finished value and 75% LTC is probably achievable without a builder in your company for the loan. 

Be careful with that BRRR stuff.I personally would not do Remote BRRR as there is just a lot of risk with 1) risk of embezzlement with contractors 2) change orders and 3) bank doing bait and switch doing a lower appraisal and/or LTV on the refinance.Most service providers net worth is under 500-1M net worth and I just did not feel comfortable working with them because they would screw me over when I wire over 30-50k checks to do work.

I'm on the Nevada side of the lake and there are some good opportunities for rentals in the lower elevations around Reno.

In addition even with a lower down payment you should be paying significantly less per month even with PMI then you would if you moved into a single family house that you where fronting the entire bill for.

You can get into a home with a lower down payment and a lower interest rate.

The leverage is a little lower and rates may change, but a DSCR is still possible provided you qualify.

As the deal size gets larger, this should get lower. 

This made sense when I could lower my interest rate and still cashflow on the investment property I refinanced.

Instead, you’ll report it as lower rental income on your Schedule E.