Since I have about 30 years of experience of construction management and I also had a real estate broker license holder in Texas for about 30 years too.I am also a college graduate and got a business degree (with honors) that emphasized real estate.  

See guidance below regarding a construction loan.1.

Does anyone in the network know of a reliable and reasonable construction company in the Orange County / LA area that can handle "make ready" repairs? 

Perhaps you are a contractor that can oversee construction and ensure completion of work is timely.  

According to Metrostudy, "Housing construction is at an all-time high in Central Texas, but the pace of new housing stock entering the market can’t justify last month’s jump in sales growth on its own.

With an increase in home/apartment construction to accommodate the even larger generation, the Millennials, there will be a huge surplus of both homes and rental units on the market.

On the other hand, I feel that some of their other funds (for example the ones involving ground up construction) are too speculative for a conservative non-accredited investor doesn't have a lot of extra cash to speculate with.

Do you have any tips on how to maximize the appraisal value without major construction.

I'm thinking I need $1M to build out phase 1 of the project (purchase land, complete horizontal construction, and lease up the units).

Even as a new investor, every body has some type of value to offer, it could be money for one of his investments (which could be less than you ever think it has to be), could be time and effort that you can offer him to find more deals or maybe you have a construction background.