One is immediate income to the bank and the other is upside equity and some of the cash flow ongoing.If there is not an association you are part of or deed restrictions it can help make it easier to develop the land because then you are getting county or city approval for zoning type and site type.

But this is my best cash-flowing property... 

I'll make up the cash flow in unrealized gains through the equity growth from the appreciation and of course the amortization of the loan.

With all units rented, cash flow is about $500/month

The plan would be to do about 10-15 flips within the next 3 years with the end goal being to purchase a larger MFH for cash flow and leverage the $ that I saved from the flips with either the one MFH or multiple properties.

Work on the property with your cash flow and money from your part time job to increase the value.

i have not started wholesaling yet I am still currently doing research before diving in. i need help with what the paperwork flow looks like i have a PSA and an assignment contact and have read them and understand what they do but what i don't understand is where the tittle company comes into play i have never bought or sold a home. do i go to the tittle company with both the contracts after they are signed?

So, unless the cash flow can make up for the lack of freedom and resale value then do not look into condos. 

It depends on what the sponsor / syndication is investing in.If it invests in stocks and they get dividends, you will be taxed as if you received ordinary / qualified dividends.if it invests in real estate, you will get a share of cash-flow / depreciation.If you invest in an operating business, you will get a share of the operating income / expenses.Ultimately, you will be taxed depending on what the fund invests in.

That cash flow on your spreadsheet may never actual materialize.