Look at a few of my post to others and if you want some direction or advice from an Old Fart, I'm your guy.  

the guys I knew of in Detroit circa 2005 to 2009 were buying those 1k to 5k houses then selling on LO for 30 to 40k.. as is. and of course very few if any ever complete the contracts.. 

My wife used to work for a real estate team that partnered with one of their guys.

Looks like you guys have a lot of port silt loam, which is NOT a very expansive soil.

You will likely run into a lot of late-20's/early 30s guys doing this, who have a lot of confidence but not a lot of experience.Overall, I think the biggest thing is finding a group that generally has the same outlook as you. 

Section 8 tenants are also nice as the government will help pay the rent.

He is a great guy and works for Langdon Title

I focus on mid-grade quality items that are durable and pleasant to use yet not so nice that people are tempted to swipe them and are then expensive to replace.

We have had much greater success renting a whole unit out that renting our individual rooms, though it has been nice to have some flexibilty to accomodate travelers who are coming as singlets and doublets.

Just outline expectations and roles, and what each of you guys are going to do, and how properties will be acquired and how they will be disposed of, and how and when money will be taken out of the company and you should be good.