I fear that since I want to have my first deal so bad, I will force my "promising" deals to match my financial objectives, what would you recommend to keep my head focused and not let my emotions rule the analysis of my deals?

For instance, you may be able to build 35 units per acre, but does that take into account parking requirements, water retention, market demand (the community may not want condominiums or townhomes), how much will it cost to build all of the municipal requirements and at what price will it sell. 

Again just my opinion You hit the nail on the head with inventory.

Not to even mention the head ache factor of dealing with less desirable markets which to me are a lot of cash flow markets 

Am I over my head?

My advice to you is that the real estate market is headed into a major correction soon.

Thanks for the heads up @Sarah Kozlik.

We use the Investor package in most instances.

Its girl/boy scout-ish, but it is the best policy in most instances. 

Make a list of items that you would replace and head to the local home improvement store.