Of course if I subdivide it I would be able to take 20 feet of the edge of this land and set it aside for an easement for that piece of property.I don't want to keep this property anyway so hearing sell sell sell is music to my ears.

Ken McElroy has some good books on multi-unit investing which it sounds like you are capable of doing with the funds you have available.  

Make sure that they have a real track record as investors and mentors.

What I have been told is that in order to take advantage of the 3.5% Down we would have to buy our own individual multi family!

They have a pretty decent track record actually.

I don't know about multi family units, but traditional SFR for management is 10% + 50-85% first month rent on new tenants.  

I have just read David Lindahl's "Multi-family Millions" and "Emerging Real Estate Markets."

I owned 40 rentals which included apartments, duplexes, multi-families and single family homes. 

This is a great way to get the guidance you need and put you on the right track.

How are you going to syndicate these multis?