In my opinion, I wouldn't do a syndicated deal because you are not going to learn the ins and outs of owning a 5+ units, you won't have control or say in the deal plus your returns will be lower.

FHA will allow you to put down less than 10%, 3.5% in fact, but if you'd like a bit lower monthly FHA MI and removal of lifetime FHA MI you can put down that 10% if you want (only slight benefits).The SS rule will require you to have around 5850 gross rents or higher to qualify this "rule."

Use seller financing to hold the note to increase your profits, not sell the note to lower your profits.IRR would be the best way to calculate your ROI.

Given this is your first deal you may have to put some money into the mix and your lender may go with a lower LTV. 

Basically you are paying more upfront in exchange for a lower long term interest rate.

I’d probably split the difference and go 50 bucks lower.

And the broker can discredit other, more honest brokers by saying those agents who suggest a lower list price just want an easy sale.However, if a Broker gives you a list price that's much higher than other brokers, usually it's a trick.

Wholesaling seems easier in lower priced markets from what I have seen .On the plus side if you actually have a deal it’ll be easier to assign it since there is a lot of investor activity now and it seems everyone wants to be in real estate .

and if so is there a lower limit on the amount of cash flow I should expect on any given property?

Find a partner who can put in the capital or There are private/hard money lender that will let you put 10% down payment and  they will finance 100% rehab cost. keep in mind the rate will be a lot higher and they charge point (2%) but they can close fast and you might be able to negotiate the purchase price even lower.