Since you are a first time out of state investor with little STR experience, I reccomend running your numbers more conservatively.

I've found from experience that a tile job 90 percent done is only half done.  

I've experimented a bit and realized that I need to post every two days and ensure the craigslist ad is up to date as well.

You can call it 'overpriced' but others are willing to pay it, so I'd focus on finding the best deal you can find in your area, and not on a CoC return rate that may not be realistic these days. 

even when I come down to miami we can make the deals work through density and ground up development but when I speak to individual investors without a lot of experience in construction they end up building in columbus not miami because of this exact reason the price point of land is more conducive for a newer investor who even though they may have the cash wants to do something smaller

A true market expert with experience will be able to share priceless professional advice! 

Could you give us a realistic example of how you might structure an owner financed note based on the Henderson material?

Looking forward to hearing your thoughts and experiences!

I would like to know if anyone has use them and if so, what was your experience like?

My experience is entirely in Cleveland, OH but I've heard Bentonville is providing good cash flow