This is all a straightforward math equation.

Being it's your first deal, it's going to be harder getting debt options and you don't want to be over leveraged anyways so $900k should equate to a max $2m deal.

It doesn't necessarily equate to small jobs.

Also, selling off any lots up front is not part of equation because I've agreed to fix the subdivision road these are in. 

My LLC for PM would be taxed as a sole proprietorship unless I had other employees, which would equate to being considered just another source of regular income for me, meaning the $1000 I paid would be taxed at my individual income rate (25%) for a total of $250, meaning I would still only keep $7500.However, if I had more than just myself employed by the LLC and made less than $50k/year, I would only be taxed at 15% on the money I allocated for PM, or in this case, $150.

As you noted the land is removed from the equation.

University of California Merced is about 7.5 miles away which equates to about a 15 minute drive.

However, when it comes to any flip transaction, the acquisition is truthfully the most important part of the equation.

My SO also feels I should look for a more turn-key ready property, though they are few and far between I am thinking this will save me a lot of time that I probably haven't factored into the equation enough. 

Property insurance is only part of the risk management equation.