I am looking for cash flow positive storage building in Texas, off a major highway, with value add potential, preferably in North Texas (Sherman/Denton/McKinney), Central Texas (Waco/Austin/San Antonio), West Texas (Odessa), or greater Houston area.  

lower the size of your unit and therefore your build cost per unit, your sale price will go down but focus on density and get familiar with zoning and what your city will approve. my best suggestion is to do it in downtown districts where there is unlimited height and unlimited floor area and you can build every square inch of the property and reduce parking because of proximity to transit. property values are higher, rents are higher in downtown markets, there are just too many economies of scale compared to suburban deals.

Add value to them while getting exposure to development.

For Austin, you are about 5 years late on boarding that ship (you should know this having flipped there) at a value and return that looks and smells good.

Is that included in the divorce calculations or are you just taking gross appraised value?  

I currently have a rental Condo with 232k owed but valued at 400k+ in CA.Looking for a rehab rental properties in AR/TN and want to use a HELOC for rehab costs.

While the closing costs may be higher than a HELOC, the long-term interest savings might outweigh this initial expense depedning on the property value, LTV, credit, etc. 

Cash How did you add value to the deal?

Is the partner who is identifying the properties creating value through entitlements or is he merely looking for good value on the MLS and/or through wholesalers?

Construction Loan How did you add value to the deal?