what would be the respective price range of the property?.

Also, their range of what they lend on looks sketchy.

You won't have to deal much with POS requirements if you stay below $100k on a rented / rent ready property as mostly in that price range, you would be looking at Cleveland proper and not the surrounding suburbs that have the POS requirements. 

I've seen interest rates from 8% up to 12%; Points can range from 2-5% of the loan amount; Interest Only options from 1-5years. 

First off, 70%-85% is quite a range and on one spectrum, may be a deal and on the other, isn’t.Second, while you can certainly wholesale on market deals, it is not very easy to accomplish and most list agents will make it hard or impossible on you.

There should be a objective real world test on those appraisers before they can take on their job.

They operate more like a bond proxy, not at all on par with what most MF investor are looking for, in terms of wealth-building.It again underscores the need to partner with operators who have gone through a few cycles, offer conservative projections (better to under promise and over deliver), and whose objectives align with those of their investor base.

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?

The neighbor is another owner, would he/she object building a road (even if the city is Ok)?

However, the purchase prices for this asset class can range from $5,000,000 - $500,000,000!