Unless you know a licensed contractor extremely well, have supplies already or decide to explore alternative methods for getting it done, my guess is your renovation expenses will be well north of 40k. 

Here are the terms of the proposed deal:What I put in/get:- I put in 150k cash- I put in the original idea and there are some legitimately unique elements to the community. - I put in countless hours as the developer working on the concept for a long time I found the site, did a lot of research to identify a unique target market. - I'll be doing everything that needs to be done that my partner doesn't do, including marketing the units, ets., raising additional needed capital from pre-sales and investors, dealing with accountant, etc. - I GET 70% of the company and profitsWhat the builder puts in/gets:- 10k cash, mostly for good faith- The LLC/Partnership will rent his construction company for the duration of the project.

Would recommend comparing and contrasting the economies, populations, housing markets, and rental incomes and seeing which market you think has the better potential for growth. reicitydata.com, the census, and Google Public Data Explorer all have easy access numbers you can take a look at.

Every person is unique and different and unless you hold securities licenses or are a CPA, I would remain extremely broad.

If you're up to it, I would explore maybe even looking into triplexes and fourplexes with your VA if the prices and mortgage fits.

We fully furnished it, with unique touches.

Really no expectations, just exploring all the resources available to me!

Are you looking to get conventional financing or exploring an alternate route?

Learn about different strategies that you haven't explored in the past.  

Short-term rentals of unique properties.You might run into something that would be ideal for your purposes.Andrea