This is a line of thought I am considering since I am in Canada but interested in the US market and not on ground undertake all the possible tasks required to succeed in this business.Kindly advise.Thanks again for making your decades of experience available to us....virtually free of charge ...:) 

This is a major undertaking that I anticipate costing in the ballpark of $100,000.

After speaking with the folks at the planning department they warned that my desired layout would be quite the undertaking.

That graphic is disturbing.  :-)

But I assume you'll be doing extensive due diligence before you purchase, anyway, so maybe the tenant will  be satisfied if you just share your inspection reports and the building plans, environmental reports, surveys, or whatever else you'll be undertaking anyway. 

I know the project is out of my league so I am looking for those who would undertake the project giving me a stake in the project for bringing the idea to them.  

Flipping an old house with asbestos, knob and tube and old plumbing is a monumental undertaking for your first flip. 

For flips, is the internal rate of return used as a metric for judging whether or not a project is worth undertaking?

We then prepare concept site plans and marketing graphics so buyers can conceptualize the finished development. 

It's a pretty big undertaking for a new investor, but I applaud your gumption!