It would be cool to see the progress and challenges. 

For a small real estate investor, buying property in the trailing edge of progress makes no sense. 

I'm having a rough time, some people seem to be asking way to much for their buildings, or asking for 10,000 over the assessed value. 

Plus be sure you have an agreement drawn up that details exactly what each party is responsible for and how it all works, who handles the money, how funds are paid out, progress reports, etc.

Should I appeal the assessment?

Notice of AssessmentIn early February every year, the City sends every home owner a "Notice of Assessment, Taxable Valuation, and Property Classification."

Ill have loads of questions that i will be sure to ask, and i will keep the sire updated on my progress.

I have considered the condo route as well but I am always worried the HOA fees will eat any cash flow and I am also concerned about a large Capital Expense as @John Marshall mentioned then you could be liable for a special assessment fee, or potentially higher HOA fees in the future.

My goals are:Within 2-3 months to purchase my first investment property.Over the next 5 years, to average purchasing 1-2 properties a year initially using conventional loans, then to perhaps investigate alternative financing as I hit the loan "limit".Assess my investment strategy after 5 years.

You just have to assess what the contractor is bringing to the table and whether a partnership makes sense or if it makes more sense to just hire them on as a contractor.Are they bringing deals to the table?