@CraigIf you have two offers with that high of down payment already you must be living right!

Hopefully things continue to progress, and you come out on top with a huge equity position/high cash flow when it's all completed. 

I highly suggest getting to some local meetup groups...here is BPs list:  https://www.biggerpockets.com/forums/521-real-estate-events-...I also have a full list of the chicago meetups that I can share with you too if that'd be helpful.

high priced markets like west coast pricing might be 75 to 95% of note value..

Also any tips for automating this as much as possible and how to protect the property financially and property management would be appreciated.I ALMOST understand the rental arbitrage strategy if building a company scaling with say 30 + units and looking for high short term cash flow.  

I have not done stats but there is a high failure rate for people who are walking the property every day.

For example, most Developers in the Seattle area are taking many properties and turning them to condos since that is a booming market with high rental rates And sometimes more conveniently built and accommodating then a SFH.

By the most important thing (if that's what you're doing) is to have a really good operator who knows the laws, has experience and is above board so they won't leave you high and dry. 

I am working on these to see if theres is any way to approve them but I am wondering if my minimum requirements are too high for this area or if I should stick with it.

and, with interest rates high, it's very, very difficult to cash flow right now in the short term.