They simplify everything, which has pros and cons; It's a ridiculously easy process (compared to buying a residential property), but if you're a detail-oriented person (like myself) you may be left wanting more information at times. 

we have prepared detail business plans, we also have proper income statements from last two years and have good credit history. 

What other details of the strategy I have outlined here am I overlooking?

I am not sure what other details are needed to answer my question but I am feeling like these developers might be trying to take advantage of the fact that we aren’t that experienced in real estate deals.

Write out the basic agreement on a yellow pad and include all of the details.

I'm a voracious consumer of the BP Podcast and just about every book they've mentioned on there, I find the possibilities of real estate to be absolutely fascinating!

I’m here to ask the experts which route I should take, if any.Basic details about me: I’m 34, recently married and no kids but planning to within the next 2 years(this detail is just for you to know that I don’t have much restrictions on moving aside from commuting)I currently own a coop in Yonkers, NY with roughly 50k in equityI am willing to invest in the tristate area but if I have to live in the property I have to limit my distance to Bronx, Westchester and Connecticut.I also have enough saved to buy a 275k property with 20% down or the max allowed with an FHA loan (this is without having to sell my coop)I have excellent credit which will qualify me for loan without an issueThe way I see it I have 3 options in order to get started: Sell my current coop, buy a triplex in a worst neighborhood with more TLC needed, and move to into the property for at least 2 years to qualify for an FHA loan.

Perhaps you can come back to this deal in a month or two and see if things change in your favor.You are a thorough Buyer and do very detailed analysis of your projects. 

I sent a pm asking for more details.

I'm pretty sure there is no "set protocol" dictating such details.....maybe someone's opinion, but we know what that's worth.