Is there a certain size of transaction where these become more relevant as I am dealing with modest single family homes making a profit of $20k - $30k.  

A property this size you might have have a few part time people or contractors. 

What property sizes are you looking for and what type of properties?

Given it's a small-sized condo (550 sq ft), do you think this would negatively impact a potential sale?

I use a mid-sized local bank that is a "portfolio lender" and the only stipulation is there's a $$ cap on what they will lend any one individual (including any LLC they're a member of).  

So maybe that killed my chances of pre-approval for mortgage and I do have college loans to pay off but I heard that for FHA they don't really count it as much as long as I can pay off 1% of it when it is deferred.And yeah, I hear the same thing about "little or no money down" and it is possible, but I might as well find a needle in a state sized haystack.

Depending on the size of the county - many properties are posted - a lesser amount actually get to actual Auction as owner has until last minute to clear up the deficiency or some type of legal maneuver is filed to forestall the actual sale. you'll actually see some properties Pulled and a month or so later it shows up again.It's a real "crap shoot" as to what you can buy - and you have to PAY CASH that Day if you are successful in winning the bid.Sheriff's Tax Sale are another animal as well with "Right Of Redemption".  

What are the minimum lot sizes in P-2?

Part of what makes that chart so scary looking is that it's not inflation adjusted.  

It is fenced, but since the tenants would be responsible for the mowing and upkeep, I'm concerned that the size of the yard might make it difficult to rent.