And I'm pricing out the fence now, even though it's taking me over budget on my initial rehab projections.

Investors can access and participate in several projects, which considerably lowers the investment risks.

I’m extremely excited to have landed my first project!

To determine what numbers and percentages to use for your projections, here are some useful methods that I've used: go look at properties for sale, network with local investors, and manage a property yourself. 

It has a monthly ROI of .824% and a cap rate projected at 9.8% as it is fully leased.

So instead of 'development and multi-family', start with 'networking, service, reading spreadsheets/analyzing, connecting with people, managing projects, etc....' basically write out whatever you really enjoy doing OR whatever skill you want to acquire... and find a job in RE that matches. because RE is so diverse and people oriented, you're bound to find something that suits you. 

My primary focus in investing is multi family properties with positive cash flow but am not opposed to other projects as well.

I have been involved in the past about sales managing and maintaining commercial properties as well as construction projects into retail, banking, movie theaters, and a hotel.For about a year I have been watching and listening to a gentleman that has about 25 years in the experiencing of successful real estate buying and selling apartment complexes and currently owns almost 5,000 apartment units. 

Is the area old an run down or are new project going up commercial around it?

I can’t see you prevailing on This property though.....if you want to spend the time money to “prove a point” or “change the system”, carry on.A similar dismay on my part.....I just went to bid opening where a state agency accepted a bid that was turned in late on a $12M project, caused by confusion on the bidders part.