It’s always a great exercise to compare the risk versus reward.

Anyone have any experience with going through the process that is willing to share their experience on the risk/rewards of this type of investing. 

New flooring, fresh paint colors, new plumbing and lighting fixtures, but preserved the original charm.

Any member of the GP is allowed to raise the funds needed and will be rewarded with additional equity in the GP at the time of acquisition.Trying to write a General Partnership Agreement to capture this offering. 

Real Estate Development is a very rewarding career.

Higher risk may mean higher reward, but it could also mean more problems and more cost. 

I hate rewarding bad behavior.

That way you will immediately be rewarded for the increased income. 

I think this is too great a risk for the reward.

You don't want to do anything that is outside of the norm for the area.Very true unless you are a trend setter which has its risks but also great rewards when done correctly.