Avoid lipstick on the pig.Renovations like nice kitchens and bathrooms are great for rental properties, but it is not everything.A property that has been cosmetically renovated, but has no capital improvements is worse than one that has been very well-maintained, but might have older cosmetics.If I walk into a property and I see that the kitchens and bathrooms have been redone, but all the walls are plaster there's no grounding in the electrical and the plumbing has never been updated that I consider it a full gut.It's a shame to pay a premium because of a nice kitchen and bathroom only to find out that you have to rip it all apart.It is usually less expensive to do cosmetic rehab for rentals than capital improvements. 

I don't have a very big budget so I want to make sure I make a smart purchase and I'm even open to possibly partnering up with some developers and builders and or even provide them with some heavily discounted lots as well.

Try looking into zillow/Redfin and see what your potential rents you can get near the neighborhood by filtering the bedrooms/bathrooms of the intentional property that you are planning to buy.

Although prices have went insane in recent years (despite the recent come-down), the dollar is in the toilet again so you'd get a pretty hefty discount. 

The only place we are having issues is one of the bathrooms where we are not able to get rid of the smell.

You can make sure to get 10% off coupons from usps moving or buy gift cards at 90 cents on the dollar (I get them as credit card rewards) to stack up the best discounts.

Nice kitchens and bathrooms are great, but if all the mechanicals are old, electrical is outdated, and its all made up of plaster walls, you might as well gut it. 

most work is flooring, remediating the basement, paint and updating one bathroom along with siding repairs/likely window replacement and massive landscaping and  concrete work I like doing.

I took the cash and invested $20,000 in the  purchase in a first lien note with an interest rate of 9.5% discounted to yield 18%.  

The house is under some distress: the bathroom in the basement is in very poor condition and plumbing does not work.