Before picking a market, I recommend that you clearly and specifically define your objectives and what kind of return you are looking for, then find the markets that best help you achieve that.

Napoleon Hill stresses the importance of a mastermind group in his book Think & Grow Rich [ https://amzn.to/2zII8SQ  ] He defines a mastermind group as: “The coordination of knowledge and effort of two or more people, who work toward a definite purpose, in the spirit of harmony.”I lead a mastermind group focused on investors who have a successful W2 job.

I would be cautious to put a 10-15% ROI in a legal agreement, especially without first defining precisely what “ROI” is really referring to.

@Marcus Linehan I suggest that you define your criteria and ROI goals upfront then narrow your options down to those markets that best achieve your goals.

Make sure you use the actual term defined in the lease, though. 

Ideally this type of deal would be purchased via an LLC that both of you are a part of where the roles and monies are defined clearly.

I now need to really define the type of property features I'm looking for.

Defining your WHY, getting really deep into why you want to get involved is your first step.

Article VII, Section 25(B)(2) of the Louisiana Constitution provides “In the [C]ity of New Orleans, when such property sold is residential or commercial property which is abandoned property as defined by R.S. 33:4720.12(1) or blighted property as defined by Act 155 of the 1984 Regular Session, it shall be redeemable for eighteen months after the date of recordation of the tax sale by payment in accordance with Subparagraph (1) of this Paragraph.”  

It will help you define how you want your investments to perform.