We have also partnered with a reliable general contractor who will be investing in the project and has extensive experience in mid-scale hotel construction.

Do a search here on BP his name has come up before maybe someone with actual experience has replied in the past.

Its priced well, needs work(which is fine) but wondering if anyone has had any experience buying, living, or managing any rentals in this area or near it?

A couple more things to consider as you do this, and I've overseen 100+ apartment units renovation that we've owned and managed so I have some experience in this. - If you're already tearing out the cabinets, maybe see how much more it would be to re-pipe the water lines or re-place exposed sewer lines.

All I have to say are positive things about my experience, and everything JT has taught has been right on!!

But from my boots on the ground experience its not easy getting good help. 

Even if they just have them on as an advisory role, having them on the LLC helps you get a better deal on funding and their experience will help you to get the project completed more quickly. 

Duplex 3/2 1 CarAll fulling fenced in, No carpet and we allow large dogs with Tenant Liability insurnace I Keep 8% management fee, all remaining funds go into start next build.

I would ask..how the remote management or ownership experience is going? 

The ordinance is NOT adding any additional "liability" to the property manager.