I learn by DOING, and I'm sure you will too... at the very least the mailing will get the ball rolling for you and get you some experience talking to potential sellers. 

@Joseph Ball What is this 3/2 you speak of?

Generally I like to be very conservative with my numbers and wanted to make sure that I was in the ball park with these figures as a rookie wholeseller. 

Some really ballpark estimates I'd like to check, first with eye ball test from the very experienced BP Members :) Land Cost - 250KTear Down - 25K?

Am I even in the ball park?

You need the bank to recognize your increased value so you can unlock the equity...or you'll need to sell if the bank doesn't want to play ball.

I'm not an attorney and I don't play one on tv so this is not legal advice : )From my experience I would tell you family or not you will be entering into a contractual agreement so all ties to family should be seperate.The income and expenses you provide are a good starting point but I would need to see rent roll and details for all expenses last 3 yrs if applicable just to get the ball rolling.Your current situation definitely points to property management.Yes you should get an appraisal.Have an independent insurance quote done.Yes definitely put this in an LLC.  

It cash flows positively, I have strong credit and have previously managed rentals (single family) and currently own a duplex.Could you please share what the "closing" costs would be on this property- ball park - how are they calculated on a commercial property?   

Get the ball rolling at a local credit union and see what they say.

@Matt Buchalski Congrats on getting the ball rolling and best wishes in surpassing your new goals!!