Larger properties with national tenants tend to have strong urban core to suburban locations so the dirt is very valuable today and usually into the future.So on smaller properties with a more local bank it is a big loan to them and they want to look good to regulators so they get as much info and place as much controls as possible to CTA (cover their #ss) themselves. 

Breaking even on cash flow and hoping for appreciation is a dangerous approach.Since you don't have the time to dedicate right now, why not look for a partner on a larger deal.

I feel with purchasing a little bit cheaper of a home and renting out to tenants that are not my friends, the margin of profit may be a little bit larger.  

The decision to fix and sell or rent out your current primary residence is a comfort level choice.  

Yes I have had several subdiving projects (small and larger-ish) in Atlanta and Subdividing is not inherently bad, but there is a lot of moving parts (even on smaller projects).

Other than that, without re-doing it in my own analysis, on the surface it looks fine, especially because you're down payment is larger and loan is smaller.What aren't we seeing in the spreadsheet?

We always have choices.

When evaluating a short term note for $5,000 to $10,000, the terms I use for my larger notes doesn’t seem enticing for an investor. 

@Aakash Tandel If you're goal is cash flow, Indianapolis is a good choice.

Indy's larger population always makes it less up/down then some of the smaller areas, but it still has it's "edge" areas.