At the same time, I don’t want to open myself up to risks that can be avoided.

Many investors choose a profit-sharing model for true equity partners, often splitting profits 50/50 or based on the level of their contribution to the deal, but ensure everything is clearly defined in writing to avoid misunderstanding/miscommunication. 

There are going to be some very small pockets you'd probably want to avoid, but even those aren't that bad compared to other cities' bad areas.

Last piece of advice is to avoid shortcuts on the development phase in an effort to make up for the added carrying costs.  

Avoid "passive" investments, focus on "active" investments to deter risk and really prioritize quality over quantity.How much funds do you have to get this started, you'll need 10x what you have to get remotely where you want to be.

You can hear real-world examples of how others have built their investment portfolio and (hopefully) learn to avoid their mistakes.4.

.✅ Any home built before 1980, likely has cast iron or clay sewer lines which will deteriorate over time.These issues can be avoided.

I do have them sync their bank accounts and credit cards to eliminate human error in entering items, and ask them to avoid putting personal expenses on those accounts.

But even more important is the knowledge of where to avoid at all costs since the timeline is too long to work. 

Remember, no system is perfect, so avoid the temptation of constantly chasing after the next shiny object.