I am ultimately trying to understand if the language "b" above in my original post should be read as 10%  of gross rent or 65*3 and if I should be challenging the PM on this interpretation.I am curious as to what you / everybody has seen in regards to this.

I don't want to be in the situation where I spend a substantial amount of money, get the land use permits and then ultimately have my tenants back out...Any input would be greatly appreciated! 

Nothing spectacular.Terry, I'm fairly certain that @Joe Marshall doesn't want that to be the ultimate answer!

You will run into the "I mailed it the post office must have lost it"Ultimately you want their rent payment in your bank account.

If you wanted to do a 1031 exchange of 3-5-10 sfrs into a new project this could be the ultimate setup.

There is no automatic transfer of 100% to the surviving spouse-There is a will and she as the surviving spouse owns 100%. 

Additionally probably the vast majority wanting to get into investing never do and a large number of those that will try ultimately fail.

It is subtle, but the true Cap Rate ultimately represents an aggregate return that investors expect to deploy capital in the marketplace.

Ultimately I scrapped my project because there was no way to add the requisite parking to add the third unit.

As such you need to read The Ultimate Guide to Grading Cleveland Neighborhoods.As for tips or suggestions on investing out of state in general it's not really that complicated to buy out of state.