One other thing I noticed from your post to be cautious of is just because a property is in a strong rental area does not mean you will have positive cash flow.

You are right to be concerned and approach cautiously. 

I do not own any deals in these areas, so I cant't tell you exactly how being above or below 25th can affect the types of tenants and rents you can get (above 25th is better), but obviously, be a little more cautious with your income assumptions and try to get comps below 25th st.With your numbers, will you be cash flowing $100/door with 3 or 4 units?

EXPERTS HAVE QUESTIONED THE LEGITIMACY OF THIS AND WE ASK YOU TO BE EXTREMELY CAUTIOUS BEFORE CONTACTING THEM!

1st rule of investing; don't lose money, rule# 2; see rule #1 Warren buffetIt is healthy to be cautious, especially in such a cyclical industry and especially after 10 years of artificially low interest rates.I blame all my fails on not being aware of where we are in the cycle, and acting accordingly

I personally dont see it as a big deal as long as I am cautious and protect my assets with proper insurance...I was just thinking about a large umbrella policy.

Maybe I'm being overly cautious/eager, but I just want to make sure I don't end up with the same regret.

Cautious is advised, you are dealing with a seller who is under stress. 

Be both humble and cautious.

I would agree with @Cliff Harrisonand @Vince Cline in terms of the cautious steps revolving around the new Cerner campus and its potential impacts on a community and the surrounding neighborhood.