Viability: Is this type of project worth investing in, considering the potential returns and risks associated?

They are basically opposites.While I am guessing the pool is common in TX, just remember that its another significant liability when having a rental.I guess the other aspect is to you really want to be a landlord? 

If you have to purchase the land to start the project, what rate of return do you expect? 

Samsung has already devoted around $40 billion to the project and now they are getting an additional $6.4 billion from the government.

There are plenty of block that are still rough you can't sugar coat that, but projects such as the Pennovation Center and the Bellwether District are set to bring tons of new jobs and value to the area.

I would start on smaller projects so you can really refine this team and gain experience first. 

Hey @Jacob Munson, so you listed the basics just to get the house.You have plan to outfit the place like @Alex F. said.

Local you can leverage your local knowledge about areas gentrifying, or large zoning changes (midway district, city of San Diego ADU bonus program, etc), or large funded development projects (Chula Vista bat front, etc). 

@Ryan Mortimer You should create an LLC partnership for the two of you for the renovation project.

It is basically like a neighbor.