@Ken P. experience beats statistics everyday.

They go in knowing (or should know) they may be Cash Flow negative while living there for one year minimum.  

However, as someone who was born and raised here in Wilmington and now invests here, I can say that the first thing I noticed is that the majority of your comments are very negative about the area.  

If we disclose early on to a broker that we would like to start our own brokerage down the road would this be a positive/negative, or what?  

Which gives me a negative bottom line of $1,525.00.  

Vacant land at this price point is negative cash-flowing, taxes and POA fees (if any) along can quickly turn this good deal into a loser.  

Anyone that tells you they have a certain ratio are basing that number on yesterday or today expenses not on the full life of the property. 40% would be good, depending on the type of property, 50% is the statistical average based on tens of thousands of properties over many decades of collecting data. 

Is their anyway for me to avoid PMI at 10% or less down and does anyone have any tips on getting a decent loan with 10% or less down, I have only heard negative things about FHA as again the long term effective of paying interest.2.

You can probably borrow with a private money lender  against the note but most likely your interest will exceed the interest of the note and you will have a negative cash flow (if the note is performing). 

I spoke to a bank here in CA a few months back and they indicated that because the rental history of the properties is so limited that most lenders would consider the properties as a wash i.e. not count as a debt but also that the rental income from the properties would not be counted as income therefore basically adding nothing (positive or negative) to my debt to income ratio.