There was a lengthy thread discussing the program found here http://www.biggerpockets.com/forums/92/topics/76443-lifestyles-unlimited-of-texasI highly suggest you do your due diligence before spending any money on mentoring.

The homeowners apparently did a lengthy social media search for me. 

The short answer is, if you have found a provable reputable Company with provable lengthy track record, and they can offer you properties that can provably meet all your stated criteria, Then those properties may well be worth the punt.

They can be done, but it is a lengthy process.

Probably in the least this is a 400K project but you're in Jersey so it's got to be much much higher than it would be here in Kansas, unless you're buying slum low down junk that you shouldn't be looking at anyway.This would be a pretty lengthy and involved decision and you would need to have a lot of knowledge about a wide variety of things to even approach this kind of project.Most people will probably try to help guide you in some fashion and by all means please don't think I'm trying to be negative or have a mean tone to my text here.

Commercial real estate contracts are lengthy and one word and where it is placed etc. can alter everything.

I don't want to frighten you, but construction is an expensive and somewhat lengthy endeavor, if you don't have much capital and are looking for something to cash-flow quickly this may not be the best way to do it. 

Nor am I familiar with exactly how extensively written your lease may be.However, I set up my lease carefully though I did not personally have it written via a lawyer - but my lease is clear and lengthy and if a tenant violates a provision I can declare the lease null and void and end the relationship. 

I am a licensed real estate broker in CA for 25 years, have closed over 5,000 transactions, own a real estate company, own a mortgage company and have a resume in the private money world that is too lengthy to list here.  

The time can be a little lengthy depending on how much hard ball the tenant wants to play.