Start by reading some guides and learning the concept slowly:https://www.biggerpockets.com/...It will make more sense with the time, but keep educating yourself, watching webinars, listen to podcasts, etc.

I am trying to understand the concepts of FFO and AFFO in REIT evaluation and am finding it to be a bit confusing.

It captures the specific line items that go into underwriting and analyzing a commercial property (you’ll also hear T-24 and T-3; same concept).

But let's cover some basic concepts and then do some quick math if you don't mind.If I am "buying and holding" a property (meaning, a rental property) I make income 3 ways - cash flow, appreciation, and principle buy down. 

Let me answer your question then suggest a redirectionA couple of items make doing a subdivision with little to no money a hard concept.  

I'm new to investing, but not new to the REI concept.

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A good article to read on this is from Brandon Turner that you can see HERE.The other concept to understand is that you may not cash flow THIS year.