These two are most likely on the opposite end of the spectrum and rent to different clientele, but from a property manager standpoint, how do these two properties fare and how much work do you think would be in managing the 5 condos?

When managing multiple applications, it’s crucial to ensure your process is both fair and compliant with local, state, and federal housing laws, including the Fair Housing Act.A best practice to avoid any perception of bias or confusion is to process and work on one application at a time.

Plus, if you self manage you could wipe much of those taxes out with depreciation. 

From what I have heard, Dayton is a similar market, and you will ALWAYS save money by investing locally by not needing to hire a Property Manager (yet).

Thus easy to manage and low Capex expenditures.     10.  

In this case, you would draft an operating agreement that specifies each partner's role—your friend providing the cash and you handling the rehab and management—and that profits and ownership are split evenly.

Looking back on your earlier projects, what were the biggest mistakes or lessons learned in securing funding or managing build costs?

Over time, rents may increase, improving your cash flow, and you’ll gain equity and valuable experience managing tenants and property operations.

Turning the management of the rental over to a property manager can relive a lot of these issues.

That is amazing -Where did you manage to double the value on an 8 unit in a short period of time