Are you a hands-on type that can make improvements to a home or prefer to contract out work?

Market isn't that important, but I prefer southern states.

Many lenders won't allow you to sell or refinance the properties individually if you have these on a blanket mortgage.

My sister and I have done all the leg work in finding where the 2 individuals lived at. 

Preferably May-September.

I feel it's extremely important that I link with like-minded individuals.

I'm currently building up capital for future ventures and properties that I find on market, as well as attempting to find the best brokerage where I can work under an individual who is already more established.

The idea is to convert a multi-family building into condos; but not in the traditional sense where you separate pre-existing apartments into their own condos; but in a way where you combine the common areas of all of the apartments in that whole building, and turn the individual rooms within those apartments into condos themselves; thus transforming the hallways, kitchens, bathrooms, living rooms, dining rooms, porches, balconies into common areas of the condos. 

Our next one may be preferred return only.

The question is mostly a personal financial planning question and it depends on your preference and what balance of risk and access you'd like and would be comfortable with.