Instead of thinking about how many properties you want to own, think about what you want out of the properties that you own (most of us want cash flow but others have a more altruistic reason for investing in real estate).  

In 2014 I got back in with a house that needed a rehab, which I got a conventional mortgage for and has since been rented out with good cash flow. 

@Ethan Angele, it looks like you've worked out that your current home won't positively cash flow any time soon by renting it out.

I used the BP rental calculator and my cash flow is negative.

With these numbers it would cash flow $60/month.  

Memphis is a pretty competitive market…I would be more concerned about how you plan to get deal flow, or off-market leads?

What makes it such a discount at this point in time is that even though the municipalities planning committee GIS system indicates that they have easements established for road frontage for this lot, currently there is no road frontage.I would like to take advantage of picking up the lot while deeply discounted, but I know that no road frontage will impact potential plans to convert this over to a cash flow play (or to liquidate it later if needed) until completed by the municipality.

My goal right now is 5k a month in cash flow by the time I'm 35. 

You have no real cash flow and the cash on cash is not high enough.

I invest out in the AV area as it is cheaper and cash flow is better than here in the main county.