If it's you, put some thought in to the types of tenants you'd like to have and almost reverse engineer your strategy from there.

With that info, no formula matters either, as you can reverse engineer the problem based on how much profit you, and the investor, want/expect/need to make. 

I have some construction and engineering experience which might or might not be useful in the future.

I have no problem paying what needs to be paid tomorrow and next month if I have to, working as an engineer has blessed me, so the money issue is not there.

If you spot a pasture that is a good spot for a strip mall; you could go to the farmer and give him a $1,000 for a 1 to 2 year option and let him graze his cattle there while you do engineering, rezone, do market studies, and find money partners.

Or a quick call to an engineer - he should also know the answer.  

You may have to do some further digging and/or social engineering to get in contact with them, or at least send a few postcards to each of their properties.Goodluck out there!

@Juan Jimenez We have done a lot of work on our own houses (3 in the past) and my husband is a master electrician/electrical engineer and I passed the general contractor exam (just haven't gotten my license yet as I haven't needed it) so I think we will be ok doing a little work on this first one.

Engineered hw is easier to install and it is cheaper, but would the buyer ask about it or can we put it as "hardwood floor" to the MLS ad?

RPI in Troy is a respected university with serious engineering students who won't trash your apartments, according to one of my clients who also owns buildings in Troy.