One large area of interest really is trying to figure out the best way to obtain funding without paying too large of fees that the deals no longer become worth it, but at the same time, I feel like if I stick to conventional investment loans, I am putting 25% down, which ties up a large amount of capital, and more than that, I am forced out of all cash offers and short closes which dramatically limits my opportunities, which is not wise.

My only observation here is that every investment should be measured against other available ones to determine relative attractiveness. 

I've been reading these forums like it's my religion and I came across a post recently about FHA loans and how the limit is 4.

We aren't far into negotiations, I'm just doing my research.Also, this lot is zoned duplex, which makes it more valuable to me, but really limits the comps.

Take pics and measurements of the project and email that to them along with what the local code enforcement requirements are.

With three kids and a wife not working that will likely be the limit of your investing for the foreseeable future.Stay where you are till the youngest starts school and at that time get your wife back out working and then look at moving up in your personal home.  

Each property is going to be totally unique in its costs, so I wouldn't limit your opportunities by focusing on one area, but rather on finding the property that best fit your numbers.  

I believe the UGB will have expanded somewhat but the available land will still be limited when compared to demand causing an increase in price.

I also appreciate that it's not "early" in the cycle so I want to be measured in my commitments.

If you submerge yourself into real estate and learn everything you can you’ll be able to really maximize your revenue and not put a limit on your earnings.