California is not an ideal market so I will be looking at different markets over the next few months and aim to start my next stage of investing in March / April 2015.I am new to out of state investing (and went to school at Cal Poly, San Luis Obispo where the motto is "learn by doing") so I want to spend a minimum of a few months in my desired market, personally building my team and portfolio. 

I'm just in the beginning stages of education myself so I don't have much knowledge to shed on the topic.I do have QUESTIONS on the topic though.

A reasonable arrangement with a mentor, sure, but I run at "coach".

You are contemplating a business arrangement and an estoppel letter is appropriate if you can.

I'm still in the reading stage.

This is exactly the deal that you needed at this stage in your game. 

So, sure, you can terminate the employment arrangement.

I have enjoyed listening to those focused on partnerships of late, such as 95 and 08, as I am working through the early stages of a promising one.I'll be reading your chapter on partnerships in the morning. 

Evidently the tenant was either friends with someone in the rental office and had arranged that they would give a glowing reference, or it was just another case as outlined above: the corporate landlord desperate to palm off a bad tenant.

A book could be written as to the structures as you have many options, they can buy and finance and you contract, you buy and sell turn key, you can get the seller involved, do the work for them and flip the contract to an end buyer, partner with the owner and sell turn key, arrangements are endless.To structure it, you'll need to consider the buyer's position and ability to buy, they will be getting the end loan.Really boils down to financing, who gets the construction financing, does title need to pass  to do the work, where do you put your profit, again, the end buyer's ability to finance.You'd be selling from plans and specs, yes, you need a good down payment if the buyer is picking appliance, colors, materials as what they may select may not be as marketable if the fall out of the deal, you're stuck with pink bedrooms, green carpet, crappy ceiling fans and hickory cabinets.