Okay, so this is super simplistic, but let's say it doesn't appreciate at all and you have a 0% CoC return and all you get is the loan paydown. 

Reason's I've retained:Minimize your own cash in a deal.Use someone else's cash to buy a property (the bank) and another person's to pay off the loan (the renter).Buy more properties (simplistic example: buy one 100k property cash, or finance four 100k properties).On the other side, paying off a mortgage early (or unleverage):Pay off a property and increase cash flow (some people claim this is a terrible idea)Less risk.

I know this may be simplistic but are there more effective ways of finding land deals than D4D and direct mail. 

That's how my simplistic brain reads your question. 

My overly simplistic formula is as follows.

So even with something as simplistic (by comparison) as two vehicles, there is no way to use a single maintenance constant that applies equally well to both vehicles.

I’m getting concerned about the labor part.Am I being overly simplistic to think I could - between Home Depot laborers- thumbtack and people I’ve used for projects at my house - I could manage a small rehab ..?

I could have walked to you in Arizona and back in the time it takes the govt to process anything).It may sound simplistic, but all of our deals were brought to us by brokers.  

@Nav S.Beware of the simplistic answers that imply you can avoid capital gain tax based on the fact you lived in one unit. 

This is obviously a little simplistic as it doesn't account for utilities, repairs or capEx.But look at it this way: you have to pay to live somewhere.