Furthermore, in terms of how to structure the capital stack, I was looking at doing 75-80% LTV at a fixed-rate, along with a 90/10 or similar LP/GP equity split under which I would be the sponsor and set up promotes to align investor interest.

I should mention I actually started by investing in my partner's flips and liked the model so much I began building a team of my own and we work together to get them rehabbed and sold. 

Personally, I like the model of figuring out a way to earn good money that you can use to support your family and then investing in real estate in order to create wealth. 

The fun answer is "very painfully" but the real answer is focusing on an area, knowing what I want to work with and what I don't, so I don't waste a bunch of time looking at things that don't fit my model.  

I am formulating a strategy to acquire a number of properties in the near future using 1 or 2 REPUTABLE turnkey companies(please hold comments on turnkey model, another discussion for another day).

But there's not enough of it to justify a turnkey provider being set up there (since their model is dependent on cash flow.- Since turnkey providers do a lot of the hard work for you (yay), you are left with choosing essentially two things: which provider to work with, and which market to buy in.

It sounds like the Lone Star project is on the rocks as of yesterday, but the area is still being gentrified and increasing in value, so it might still be a good place to employ your model.

He is waiting for my offer before he lists the property.In my feasibility study, I am using a model that assumes there's a demand for 7-8 sqft per person in the area.

You will have people in your life who like you and will act as role models, but you won't have anyone holding your hand from start to finish.

Rob Beardsley has a great book which is esentially a guide as to how to write your own underwriting model called "The Definitive Guide to Underwriting Multifamily Acquisitions".