I am currently formulating a plan just like this. 

Sounds like you are on the right track and are already formulating a plan of action!

I would like to get caught up on some terminology and equation formulation before I ask away, so I waste as little time as possible.

My only two cents is that people get exposed to notes and get excited based on the level of professed returns, and start moving in a number of directions to break themselves into the space.The real question lies with self-reflection and formulating investment strategies that fit your desired lifestyle.That is what needs to be done first and foremost in addition to mastering your own financial situation.Once you get a handle on yourself and your course in life, then you determine if notes need to be a part of the equation and how much time & capital you have to commit to it.If you are posting to find an alternative to receiving good formal training on notes in order to save 2k, note investing may not be for you as it’s a capital intensive endeavor and much capital can be lost if you slip up.The thing to do is self-reflection, getting your finances in order, and vetting the training and trainer (i.e.

Formulate how you think the financial market, interest rates, etc. will affect your property.

I'm still formulating how I'll approach this, but I would like to keep busy with a hands on fixer upper project at all times and also, eventually, hold on to some rental properties. 

I too just bought a two family and will be living in one apartment while I get my bearings and or formulate my next move....

I would suggest formulating a solid plan on how you both can work together in a better partnership, not just by offering money to his company.

When the paint manufacturer formulates the product, they factor in application techniques.  

Those are irrelevant to this discussion.My point is that in formulating a plan to move forward with building on the lot, the first step is to go back and identify the parcel you intend to build on, then identify how you are holding title to that parcel, and then describe the unique characteristics of that parcel due to the fact that it was Replacement Property in a 1031 Exchange, such as the deferred capital gains tax.These are not questions that "need to be asked of any property."