I've thought about constructing one entity and selling ownership in it proportional to the percentage / amount any one or each ‘partner’ desires to participate in the deal.

The 1031 exchange is the powerful tool that allows you to use deferred tax throughout your investing life to shape the portfolio the way you desire.  

Good schools are just part of what makes an area desirable. 

A fellow BP investor, Account Closed, Sean Jones, and Dhru Das and I went to three different properties with Aaron and Sean as they guided us through the process of evaluating the property, determining what sort of rehab would be necessary to produce a desired ARV - extremely insightful experience.We decided that a property that will need a gut rehab but is lower in cost will provide the best margin.  

You might be able to find a specialty mill that can cut from new lumber and treat with chemicals to get the desired effect and get away with some of your requirements.

It's all about desire and your path.Don't be fooled by other gurus out there !!!  

The reason I say that even if you do not want to go into less desireable areas, hire a property manager and you are local so you can go and check up on them by doing a pass every now and then.

The initial work into getting these houses going is beyond the desire of many investors to do.

Only 2 people recently posted that they had sales and got what they felt were decent results, but both were 20% or more less than their desired price.

From pages 786-787 "The development of a long-term sterilizing capsule that could be implanted under the skin and removed when pregnancy is desired opens the additional possibilities for coercive fertility control."