The best advice I can give is this: if you weren’t planning on RE would you go to college?

The first step I'm doing is checking with the city zoning to see what they would allow before I get too deep with looking at plans, financing and construction. 

I just bought my first rental property in Baltimore, MD, and I’m planning to rent it out by the room, including the basement.

Ultimately, it’s about what aligns with your budget, risk tolerance, and long-term plans.

I’m planning to purchase some land and build a small 12x12 cabin.

Expect to remodel kitchen and baths and put new floors down, paint, knock down a wall to open the floor plan. 

Finally, check with the Town to make sure there are no municipal liens, Make sure they're on Town sewer, check with the tax assessor to see how many bedrooms the tax office thinks there are, (important if you are flipping) buy ok to have more bedrooms if you are planning to buy and hold.  

Roads, water/sewer, city services, heck even just the planning for such is not a simplistic thing for all. 

During the partnership, you can jointly manage the property, increase its value, negotiate a flexible repayment plan with the seller that allows for larger payments after the property appreciates, ensure a written agreement that clearly specifies repayment terms and timeframes and refinance, and the sellers are able to 1031 at their leisure? 

do you plan to live in that property?