I believe with this view  investors can quickly evaluate a portfolio offering or individual deals with one simple glance.If you have or know of a similar template I would appreciate you sharing it , so we can all learn from it . 

   - 9% preferred is good, better than the standard 8%-60/40 split after 16% IRR is not good, there are deals with better splits- Generic value add play, invest in units....raise rents....sell at higher price due to increase NOI- I dont like the short 2 year hold but some would love it- I think the fees are high, but not unreasonable.   

The west is preferable, but I will buy anywhere. 

That makes me (as an investor) nervous.That said, you'll know far more about the individual bases and can probably assess the trajectory of what's going on in Columbus, MS. 

Preferably in Warren county? 

An attorney that specializes in real estate in the same city preferably that the property you are purchasing is in.

You can use an attorney you trust to help with the paperwork if you prefer to not use an RE agent.

He wants to acquire his neighbor's property which is a 17,000 sq. ft. lot with an existing 1,650 sq. ft. house and add two more houses, subdivide the lot into three parcels, and sell the houses off individually.  

Preferably one who specializes in investments and works with investors (In most cases its FREE to work with a buyer agent because commission comes from the listing side at least in TN thats how it works) Thats your first step according to @Joshua Dorkin and @Brandon Turner.

More cash out of pocket, more eggs in one basket scenario and slower process to buy a second property, eventually (this includes moving out of my coop with which I have a love/hate relationship)Sell my current coop, buy a duplex with less TLC needed in my preferred neighborhood, move into the property for an unlimited amount of years, qualify for an FHA loan and use the extra cash to continue saving to purchase a second property in 1 year or 2?