He used his youth and the principles of the "snowball effect" to create generational wealth that can still be seen today with modern manWho was the first landlord?

You touched on this a little with your appraiser story, but another thing that can make your deal more or less profitable and, maybe at some point make or break, is the terms of your loan. 

"Real Estate Commission Rebate Program"Pre-arranged and in place for pre-approved borrower/buyer clientsGood Faith Bid for a Purchase Price of: $500,000Listing Pays: 3%= $15,000 / Rebate to Buyer: $12,000Rebate to be credited at closing as follows: Closing Cost                         $ 8,000Home Warranty                  $ 500Attorney Representation  $ 700 New Flooring$New Window Treatments$New Windows$New A/C System $New Appliances                   $2,800Hurricane Generator$ Other: $_______________________________                                    $ 12,000 Rebate TO BUYER

Even if we have to keep the existing floor plan I think we could still charge $1400-1600 in rent for the area based on comps, which would still make this a profitable deal.Here is the unique aspect to this deal that I could use some help with.

My original plan was to take the profit and try to go to Indianapolis to purchase a couple of properties cash.

The property itself that you are investing in generates a separate income from that generated by your cash. 

I like the idea of basing my offer relative the worst case scenario, might not close as many as if I were to go higher, but as a beginner I probably need to keep in mind “the fewer I close, probably the more profitable each individual one will be” (the lower my offers are, the lower my close ratio will be).And probably a better place to start, than as if I knew what I was doing. :)Thank you both for your wisdom.Cameron

The reason you see so much new construction other than unit shortages is they make money on the construction and usually sell to national REITs for a profit that are okay just moving cash around with very low returns (sometimes 0%).

Once the project has been completed, the profits from this project will be split equally between the 3 LLC's.How do I go about setting this up to protect the interest of each LLC?

The taxes should be pro-rated to the day of closing or if you are not pro-rating you should at least know what that amount is as it will reduce your potential future profit.