But an entrepreneur at heart, his passion led him to create numerous business ventures, ranging from real estate development, manufacturing to government contracting.

All the best on your real estate ventures!

I would make sure you use an escrow and have a drawn up joint venture/LLC agreement (operating agreement) etc.

I don't want to talk you out of pursuing a new business venture, just want to highlight all the work that can go into a property management company's business operations in order to be successful (and relatively stress free).  

So far I was not successful in finding any local banks financing spec constructions..Builders who work in that area mostly have private financing or their own funds, a few approached me with joint venture offers but that means splitting profits in the end

A joint Venture\partnership agreement to purchase OUR next rental property.Explanation: Now that I have a little experience in both locating a property, and managing one. ( have done so for 3 years and running ) I think a good idea would be to get a few investors together, you know, those of us who have a decent amount to invest (say 20k min each) and we can work together to locate a property, vote on it, and once we find a good one, we can put in a cash offer.

Very astute Curt, yes a TIC Agreement can avoid these issues.I will also say that dealing with a tenant, you need to do your due diligence with them placing them in title and have a good exit strategy in the TIC Agreement, not a DIY thing without counsel.

After starting to listen to the E-Myth and wanting to phase out of the DIY portion of my business, I'm trying to get every system down so I won't be physically doing anything as the "technician" (E-Myth reference).  

Being a Real Estate Salesperson is not a cheap venture- there are many costs that will come out of your pocket- it's like the old saying goes, you have to spend money to make money! 

Nothing ventured, nothing gained.