Most developments have at least a 18 month to 2 year life cycle so you might could do one with what you have and then 2 years later do 2 or 3 and on year four you might get 6-8 which would put you in the same place.

There is a part of me that would be happy to hand this off.When I tried to set these up in Quickbooks, I didn't really see anything sophisticated enough to account for origination (either as a discount at funding or post closing payment), and perhaps not trying to run a few payment cycles through I missed functionality to address my concerns / perceived needs.  

With where we are in the cycle now, 12+ years is even better...did they survive the big downturn?

Don't look at what your buddy did as that was a different time and the cycle has changed.Now saying it wont happen again look at Sanfrancisco and NY prices still going up.Alex 

I agree with his 4 points.There is also a consistent cycle which one sees all the time.

Title Companies order a Tax Certification which would indicate property taxes due and past due along with the total taxes due for the last collection cycle. 

I think that's a great plan can't wait to be home and crack a beer :) I'm thinking the same thing because I also agreed that roughly 10yrs cycle as well.

However, the individual investors (partners) often do not want to stay together in the same partnership once the investment property has gone full cycle.

Different markets are better for turn-key, active turn-key, and development due to market cycles, provider availability, etc.

Last year we did 6 full HVAC systems (should replace 1-1.5 a year based on a 20+ year life cycle), and we did one complete gut remodel of a 3/2 last year.