I'm looking for referrals for a custodian, tax attorney, and a CPA to set one up and advise me.

A partnership requires three things to be successful - Experience, Capital and Time.It looks like you have the capital and experience but maybe not the time.I have my doubts about this working if you have a friend who has weak credit and a limited cash flow.

After all, he also was in real estate AND a successful baseball player. 

.:  Are you talking about creating a first 50% of the note and a second for 50% of the Note and sell the first one? 

Quote from @Steven Diaz: Hello,Was going to start construction on a two story 3bd 3.5ba 1500sqft primary home and a 2bd 2.5ba 800sqft ADU.  

The benefit to these is you get your foot into the door without a ton of capital and as time goes you can move out and cashflow on the property.

I wish you all success and a long fulfilling journey.

Based on what my real estate agent thinks that this quote will be, roughly, and the after repair value, it looks like I could buy this property in cash, spend a month or two fixing the damage, and then put a mortgage for roughly 1.6x what I paid for it and thus have a cash flowing property at a few hundred dollars per month and a little more money in my bank account ready for a down payment on the next deal.

I am looking at 1 acre of land with a well and a septic already installed. 

And as I explained earlier, your investment is protected by real property, so your risk is extremely low.