Even though the online calculators are a great tool I really want to understand the numbers I get, maybe someone can help me out?

At BP, Justin, you not only learn how to get deals done correctly, but also have an opportunity to network with other real estate investors and learn from the informative forums posted on BP everyday!

This gets mentioned often... and while it isn't wrong per-say it's not entirely correct.

I also manage projects from a distance for work and feel confident in implementing similar strategies for the systems and resources required to remotely manage the properties correctly...but I'm still preparing for hard work.

They also take time to learn the area in more than just a superficial manner.No doubt that there are "better" opportunities in areas where the numbers make more sense, but a weekend Wells Fargo "Investor Seminar" held in the Bay Area doesn't give you all the tools you need to successfully operate in a place with which you are totally unfamiliar (personal anecdote).

If I cannot buy land and I am left with the 70k, I will have to pay what they call the boot, am I correct in thinking that I will have to pay  (let's say capital gain is 30%) capital gains on the 70k? 

Correction-I have heard horror stories about Morris Invest, not Memphis invest, my apologies! 

Bigger Pockets is the best way to go when it comes to getting deals done correctly and reaching out to seasoned investors.

You'll be fine assuming you've done your calculations correctly and take your time while screening tenants (there's a bunch of multiplexs in over-town that are currently being rehabbed with no issues - run really cheap.powerful motion sensored lights and install high fencing). 

@Nghi Le  I stand corrected.