Repairs/CapEx/Vacancy projections might be a little low.You should budget for property management, even if you're planning to self-manage.

After the housing collapse, I take all projections with a heavy grain of salt. 

I have recently been put in charge of managing around 10-20 construction projects (give or take) at a time. 

They may realize this is a way to get buildable lots for their projects. 

@John Woodrich His parents have done flips and he's done hands-on work (he's 25-ish) and he'll be the buying agent, GC, and selling agent, in addition to bringing 50% of the cash funds (I'll be bringing the other 50%) Yeah, that Check part seems odd so I'm balking at that for now, as at this point we're not writing enough offers to justify sending EM.so if your partner is a realtor finding the deals and putting up 50% of the cash and coordinating or GC ing the project.. seems like a hardmoney lender would be much better for him than splitting with you. 

The house is the biggest project we've taken on so far, and I am hoping to manage this mostly on my own.

With enough value add I would  purchase a property projected at cash neutral. 

Everything else that we have done has been a flip project.

But even so, 2018 is projected to be way less than the 7% cap rate.What do I do in this situation?

I have reached out to one friend who works with his Dad in fixing houses and projects and he said he would discuss with his dad and see what they could do.Thank you to everyone who reads and comments on this post!