For instance, changes to tenant laws, enactment of rent control, continual increase of property taxes, etc. could all throw the math out of whack.

.- I know you would need more information to give an educated opinion of the deal, but just looking at the rough terms what are your thoughts?

Things will continue moving in the right direction. 

Strong pharma, healthcare and education economy.

You might want to check out the free guides under the education tab above. legal?

I’m currently still in the educational process as far as real estate goes and I’m not quite sure which facet of real estate I want to start out with.

I am interested in meeting all investors, and specifically:-Local agents who can help educate me on the market, hot rental areas, best schools and areas for families, etc.

We figured that maybe we can continue to borrow from the private sector if borrowing from equity isn't the best option.

If you haven't already, take a listen to the BP podcast - it was a huge part of my education as I started in REI and will give you so much confidence to tackle this new venture. 

I figured this is the best place to start and while I wait for responses continue to research my area.Things I haven't done yet-learned the buying process-read and understand the contracts-find a good contractor-find a hard money lender-figured out what I don't knowThanks for taking the time to read my post, if you have any suggestions on reading material that would be awesome :).