@Jonno Rushbrook I appreciate the insight, and I think for now I'd like to start real estate investment in a capacity that allows me to keep my current career path until I can build enough of a portfolio such that I could switch to full-time investor and part-time engineer.

I believe this has completely jaded my wife and I am struggling to convince her that this industry is viable and that I have the capacity as a highly motivated, and fairly well educated person to  both learn and build a profitable business.

Engineers typically look for 2500 psi bearing capacity in the soils for slab construction.

In about a week, someone from their Protégé Department will call you and offer you training in some capacity -- from Boots on the Ground for $5,000 to on-line with access to phone support for anywhere from $500 or so.

Additionally, we get to establish a professional relationship in some capacity with a seasoned investor highly regarded in town.

(f) Copies of current utility capacity letters from the Property's water and sewer service provider;(g) Copies of all current warranties and guaranties relating to all or part of the property.

Patrick-I see (3) options for you they are all complex in nature, however, simple fundamentally(1) FHA 203k Loan - you will not be able to self perform, additionally, remember you need a competent contractor and they must have capacity ("financial") to complete and carry the project no contractor pre-payment,  loan size you referenced it would be a 203k Standard:  Read: (3) Secrets Everyone Needs to Know about using a 203k Loan - Its Easy!

I am willing to work in whatever capacity is reasonable to both parties in order to gain this education. 

One idea I had was, always refinancing so you keep a debt of around 40-10% on each property, and then refinance again, so all your properties are working at max capacity and somewhat "controlled risk", as opposed to tying all that money down, for so little a year and then having to pay a third in taxes out of it.I hope this helps illustrate what I am asking in a better way...

If that is the case then you might look into starting a Limited or General Partnership, depending on what capacity each partner wants to be involved. 2.