Can you recommend a builder or give some idea of the costs involved?

I wouldn’t really ask what is the best way to invest, but more along the lines of what is the best way to invest that fits you.

I recently renovated a space for a tenant involved in this industry.

Your enthusiasm and willingness to get involved in awesome, From someone who has been there wanted to get involved I'd like to offer some unsolicited advice. 

I was born and raised in Dallas, Texas.I'm now 61 years old and have been involved in real estate for about 35 years. 

I’m wondering if any of you in the Waco Dallas area are involved in any good real estate investing groups or meet ups?

Elmhurst would fit into that category but there may be others.

You should speak with an attorney about drafting up an agreement between the parties involved detailing the profit and equity percentage splits and your accountant will prepare the tax returns accordingly.

I don't really know how far into detail I want/need to be going on the entire deal - just the part that involves their money. 

If we can crunch some numbers and figure out if the amout we need from a cash out fits with the Rental value.