The plan is logical.

For reference I'm in Central VA, in the Fredericksburg area.I would like for some of you guys & gals that have way more experience than I to point out the flaws in my logic and hep me understand how you evaluate what numbers/metrics would make a good rental. 

Zillow also is a great place to increase your audience as it post to several different sites automatically, such as HotPads and Trulia, in addition to the Zillow.I'm not sure where you can go that also tracks apps and screens in one place besides paying for Property Management softwares like Appfolio.

This is my first property so I am curious to know if there are any flaws in my analysis or logic.

@Dan Genzel wholesaling does seem to be more and more a logical choice to my situation.

Logic would tell you it should be slowing down, but it isn't what we are experiencing, we cannot keep up with the lead volume and had to hire part time help.  

If anything, as long as your offer is logical and explains the "why" behind your numbers (including the HUD FMR limitation or the "hassle factor" or even the potential inability to ask a tenant to leave--which is huge--maybe you could assign a $ value to these things and somehow incorporate it into your offer numbers), they might counter--but they might also simply accept your offer.  

Time is the most valuable item we have so their for splitting the money 50/50 after would only make logical since.

I have access to the Core Logic AVM.

Feel free to counter any of my thoughts with experienced logic.