It’s always good to be conservative because I’ve never sold a house where I didn’t have to come down on my price at least a little.Getting into the renovation, it was a lot more extensive than I had anticipated.

Having a paper trail of all difficult interactions makes you SO much more confident in standing your ground.But -- on another question, I don't think you can insist that each applicant meets 3x rent for income, if they are applying together and will both be on the lease. 

I anticipated the repair reserves would be low considering this was going to be a full rehab.

What do I need to know about the land so as to sound educated when interacting with these investors?

@Jonah FreedmanYour bookkeeper will likely be interacting with your CPA, so you may want to ask the CPA for a recommendation. 

I am hoping for appreciation, however I am not banking on it....You should not go into a deal relying on appreciation and settling for anticipated negative cashflow because of it.

Because there is no specific time limit on what constitutes a 'long-term investment' for the IRS, they use 'intent' as one of the ways to suss out whether you really did buy to hold and end up selling faster than anticipated (something that does happen, but not regularly) or are just trying to have your cake and eat it too by using the 1031 on a flip. 

@Steven Smith What are the rents for each unit and what do you anticipate raising them to?

Frankly, and he admits this himself, he does not enjoy the level of business interaction with "strangers" that REI requires.

You will have a lot more interactions as a host than as a guest and  staying within one account will make your life much easier.