I imagine the folks building these million dollar projects know what they are doing. 

If it's unbearable in an hour, imagine day in and day out.

I'm hopeful that the connection I've forged with him could take me much further than I had imagined :)  I'll keep you posted

Can't imagine giving away $450k on a $15m property.. 

I can only imagine it would take several hours to attempt to record a deed by yourself in a large metropolitan area like Atlanta. 

So Michael, your plan is very doable, it may take a bit longer than you think and it might materialize in a different shape then you imagine right now, but it's a great direction and it sounds like you are fueled by passion, which in my opinion is what makes the difference and answers Brandon Turners usual questions: what do you think seperates the successful investors from those who fail or give up? 

Their problems (real or imagined) are the ONLY problems that matter.

For 16 units, I'm imagining that's going to be at least $200 / unit / mo, which would almost completely eat up the current $3400 net cashflow. 

The pic below may help visualize, just imagine that the building takes up pretty much this entire 1A through 1D plot except some parking.So, for determining building from land value, what percentage could our little slice of land be? 

I'd imagine you could access at least 150k of your current equity, which would give you a hefty sum to work with.