If I was in your shoes, I'd learn a few things on first one then hire a pm. 20-30 units, your phone will ring non stop and burn you out.

I don't think you can ride a bicycle, tie your shoes, call ducks into a decoy spread or shoot a clay pigeon by reading a book. 

I wanted to get some feedback on what you guys would do if you were in my shoes.

I think I’d go for building the duplex if I’m in your shoes due to all the reasons Joe and Rhett mention.

I'm sure you can't sit in front of a computer and get all the answers you need, it takes shoe leather and phone calls IMO.

Or, don't use his money, both of you borrow the money and both sign the note(s), equal risks, you take something for the work and split it.If you put yourself in his shoes, you'd probably understand it, that you put the money up, have him do the work, he gets paid, say half, then you get half which may not be enough to pay back what you put in. :)

Personally, and somewhat depending on how much you have to invest, I think you can do better than 10%...If I were in your shoes and serious about moving forward I would want to know a few things first about this builder.

If I were in your shoes, I'd get a good tenant in first house.

If I were in your shoes, I'd focus on getting an Assignment Agreement signed between you and your end buyer, collecting your assignment fee, and then leaving the rest of the job up to your buyer to get the deal closed on their own.

This sounds like a potential nightmare that's been seen on the residential side.Commercial foreclosures could be the other shoe to drop.