I was thinking if I can talk to my neighbor about sharing the cost (I, the landlord, personally provide labor and my neighbor provide material (e.g. fence pickets)).

Where to get the most recent and accurate data for things like:Unemployment dataPopulation growthJob diversity and top employers in the areaVacancy rates (eg huduser.org)Property taxes and jnsurance costsI saw bp pro and reventure and a bunch of other websites provide some of this data, but i wonder how accurate and recent it is.

Spreading funds across 2-3 properties could provide diversification and steady cash flow.

Please note the information provided below is a layman's definition designed to provide a basic understanding for the general audience.

I can see how starting with a 4-plex could provide better returns and learning opportunities without an overwhelming jump in complexity.

Allocate equity based on contributions: you provide the $235K HELOC and management, while your former boss contributes renovation expertise and labor.

Big things is be realistic on timing and maybe provide a mover and or storage unit deposit as they may not be able to figure that part out on their own.

Thanks in advance for any help you can provide!

The more time you spend talking about other options and try to build up the negatives, the less time you are spending on what you fell are the positives of your own idea.If you believe that you are onto a great idea using L2P option contracts and forming partnerships where someone else provides 100% of the money while you provide 100% of the real estate-related functions, then start it up and make it work.  

:We use the cheapest ones that they provide at Lowe's, our handyman installs.