This sort of pricing is vastly different than what I am used to. 

Maybe I am using the wrong formula to calculate the cap rate, what is the formula you would suggest I use? 

I was not the builder of this project but the fact that I am using this as backing gives me around 10-15m in equity and yearly income for expenses related to the new construction, and around 5 acres to build a second structure on.The town (New Haven County, Connecticut)  has approved plans to build apartments, and or medical offices on the site in the past, and they would more than likely be happy with an additional 60 units.

I am using a VA loan/lender and met with a realtor of their recommendation.  

.- I am not US resident, so financing will be an issue- I would start small with a 3+Plex to learn the ropes and see if I can trust the market and people I will be working with- I am used to have big renovation jobs including full plumbing and electrical work done.Now, why am I looking at downtown Detroit and not suburbs?

I don't know if I'll ever be one, but I am using this site and other resources to help me decide my next steps.That said, I have a very busy life with little time to follow hundreds of posts per day.

., i am using a cell phone so the @ links does not respond well.

I know some hard money lenders/ private lenders will not lend to me until this is cleared up.My question is if I am using and LLC. or Corp. to purchase the property will this issue still apply?

I am using the iPhone app for bigger pockets so I'm not sure how to post a picture or if it's possible but that would be the easiest way to explain it.

I don't have a lot of money, so I am using the FHA to get in with low money, the 203k to rehab, and then a successful refi (to me) would allow me to pull out the minimum I need to put a downpayment on a multiunit property.