I am not currently working with any investors, but I plan to do just wanted to hear from some experienced investor Realtors.

Even the most experienced will feel the same emotions. 

I have a friend who is looking for a California lawyer experienced with HOA issues.

Well, almost 4 weeks later I had to insist on an update and according to my contractor, this individual did actually visit my property, but for a myriad of reasons was hard to get a hold of/not doing his job, and we experienced weeks of delays for this.

Also, I can have no payments until I am ready to use the money.Does this sound like a sound strategy to an experienced investor?

At this point you should probably look to bring in an experienced developer co-GP to help with the project and raise.

Wanted to ask the experienced guy's here what do you usually do when purchasing a property that is mostly occupied but looking to do a value add to increase rents?

Advice: build a relationship with an experienced property manager if you can. 

There are things to watch out in the local area that will work much better with an experienced agent...so wait until you get there. 

@Adam Elbary If they are signing on the loan, they would be considered a co-borrower because they would be on the hook for the loan as well and it would allow you claim to be an experienced investor as a team.