With the 5% down being sent to the escrow company (not to the seller), and standard inspection and appraisal contingencies, this seems like a very standard contract albeit with some quicker then average timeframes. 

But snide remarks like the ones I mentioned really don't do anything productive.

I comped some cost per foot when copaired to the nearest larger city and matched that to the average household income to get a better idea.

Your personal cash flow and DTI are going to be shot really quickly, and those two things are vital to production of wealth and your ability to leverage.

What is the spread between the products? 

Brian, the Fannie/Freddie product are great if the deal works for their structure.

- What was your average cost per pad to have this done? 

You will learn the various ways you can save up to half the price of your postage without the product looking like junk mail. 

Average rent in my town is around $800/mo.

My buddy thinks that you have to pay hard money lenders back within the first 3-6 months of the loan (on average).