But assuming I feel extremely confident in the proforma numbers, does the structure seem fair for the risk and requirements from each party?

Land seems expensive, especially compared to Northern NM which is another market I am considering.

That seems like a lot.

Not only were the houses so interesting and beautiful, we were blown away by the welcoming and genuinely friendly community in West End - it confirmed we are making (what seems to be) the best decision buying on the westside.

The auditor has some info, too.As for ARV, I am looking at comps from CMAs that brokers and agents provide in addition to the websites everyone uses.Having a crew ready to work (and a lawyer, and a good title co.) seems prudent.

That usually seems to work. 

I believe I found the course you were talking about: Real Estate Financial Modeling Course (wallstreetprep.com)Seems to have a ton of great information and I like how the example template is nice and organized. 

It seems that when listening to Bigger Pockets podcasts, I hear the same logic, both from the hosts and the guests (mostly), that as a midsize (5-20) multi unit investor, Cash flow plays a secondary role to appreciation.  

To me it seems like it would be the ideal space for another unit.

The short term and balloon payments that seem to come with hard money are pretty intimidating.