What kind of scopes on the projects...volumes, etc.? 

So with that salary, I wanted to pay as I go with this project.

He is versed in tax credits and project management- possibly property management. 

I have actually lost money in my first year but keep in mind it is a tough rental market here and we do not have massive amounts of tourists, especially in February when it is 30 degrees below zero. 

Hopefully your bank lets you pull 70% to 80% LTV so you can most of your capital out of the project in order to repeat the process.  

I heard on a podcast a while back about having contractors come by at the same time to have them quote on a renovation project.

That 220 million dollar project by Tyson Foods could have been about 10 miles from my house. 

If he says no to this project you can ask if there are any he knows about or any properties where he would like to see a change of ownership in.

I am interested in similar projects in NJ in areas with high condo demand / discrepancy between multifamily and condo pricing. 

*(you can do this before you even have a project) Go on local forums for the community you are working in and ask.