From my understanding this is essentially the capacity which a lead investor holds.

Essentially, you got paid to do all this and own a property with 25% equity (loan to value of 75%).You can now take your original investment of $44K + your profit of $18,500 and go buy another property and do it all over again.If you can pull this off it would a home run!! 

NOI typically excludes the debt service because you're trying to essentially answer the question - what kind of profit/cash flow does this asset generate regardless of how it is financed?  

The info in your spreadsheet doesn't include this, but it's essential to analyzing the deal.As far as the PMI goes - you have to go in with a strategy to refinance.

To be more successful, you simply have to work on the other elements to progress your REI pursuit.

My friend said he would be willing to let us add the closing costs into the total of the loan to lower our cash out of pocket if we wanted to do that (essentially, he would pay closing costs and we would add that amount to the total loan amount). 

I had also signed up as I am new and waited at the computer but the kept seeing the message that essentially states it will start as soon as the host starts it.  

Yes, the importance of a great team is essential.

Since your interest lies in auctions, I added a couple blogs to get you in that mindset.https://www.biggerpockets.com/renewsblog/2009/10/30/times/ (Auctions)https://www.biggerpockets.com/renewsblog/2015/07/03/oncetwiceaewin-real-estate-auction/ (How to win at real estate auctions)To be more successful, you simply have to work on the other elements to progress your REI pursuit.

A mini mastermind of local investors who are willing to seriously help each other will be the best thing (sorry, can't think of a better word) you can implementI belong to a private one here and we all are essentially competitors in the same market, but at the same time we also all know that there is more than enough to go around so we help each other out.