Enough” - “Your success as an investor will be determined by how you respond to punctuated moments of terror, not the years spend on cruise control”The Noticer: - “One way to define wisdom, is the ability to see into the future the consequences of your choices in the present.

I agree with the notion that one needs to define his or her goal with regard to real estate and making a living of real estate alone would require lots of it, but cash flow for the long run is almost inevitable.

The no cash component will be your biggest hurdle. 

Jump off the cliff or Analysis Paralysis- define failure.

This requires the right renovation components and speedy make-ready after a tenant departs.

It's possible the engineer is agreeing to take on the ENTIRE development process and manage the entire development of the project but that would need to be clearly defined in the roles and responsibilities of the development partnership. 

Folks speak a lot about "boots on the ground" but I think that phrase needs to be further defined.  

The culture component is ESSENTIAL!

Many investors choose a profit-sharing model for true equity partners, often splitting profits 50/50 or based on the level of their contribution to the deal, but ensure everything is clearly defined in writing to avoid misunderstanding/miscommunication. 

Any deal has three (3) important components: finding deals, finding money, and running deals (this one doesn't matter until you find the first deal and the money to go with it).