Property B Assume the loan with 4-5% interest rate, pay difference in equity $70k and pocket 300-400 in cash flow every month.

(I can see they anre only 30 or 45 minutes old.). 

I would only rank 4-5 other US markets above Columbus in terms of opportunity and under-saturation with investors.

From what I have read, providing a flexible closing date is the best thing you can do since the seller will only have 45 days to get into another property.

we want to entitle not build 4/5 communities to make maximum impact in columbus because the gap is so large for entitlement 

Some programs offer 30-45 day rate locks when you pay for your appraisal, one that rate locks indefinitely so long as you as the borrower aren’t holding up the loan process, while others rate lock once we get to underwriting. 

10 minutes here. 15 minutes there. 45 minutes over there.

Not the right person to support you.Disadvantages1-2-3-4-5-6-7 all true and possible, this smells like opportunity, probably more risks than that....and property is more work than T-bills.Advantages....1 is possible....not sure I understand 2....no cash flow from your side if you have vacancy.  1031 defers taxes not eliminate it, but there are ways perhaps, for example if you get big enough and 1031 into QOZ you have the poential to eliminate 100% of the capitol gains taxes.#4 you forgot about leverage....for the most part you can't leverage T-bills, maybe 50% on ETFs. 

Reality is, today, in SFR, generally speaking it takes 1 free & clear to cover operational expenses of 4/5.

@Ebony M Marshall quick search says Chicago, landlord has 45 days to itemize damages and return deposit.