Two common ones: 1) Find a mentor to work with to show you the ropes.  2)Link up with a strong real estate broker that specializes in working with investors, preferably someone that does his own deals as well.  

Challenges could include:Having the population to make it a sustainable day-to-day venture.Finding quality staff is tough these days, don't care what you pay them.Breakdowns/serviceInclement weatherPennies on the dollar at exit If the truck does say, 1000 bucks and after labor/cost of goods the operator's left with 500 - 600, then has commissary expenses and a possible split with a partner(s)Ehhhhh...burnout.There were dozens of trucks here 5 years ago and only a handful have really survived the grind. 

Once fully constructed, my partner is more likely looking to sell his 50% interest to someone else.

I'm leaning towards hitting a local investor group meeting and trying to partner with someone with a little more experience.

You have a strong grasp of the concept to explain it in a way that I can grasp.

Unfortunately, the cost of entry into the Boston market, plus it being hot are two strong negatives (at least in my mind). 

Are you looking at 80-100k equity between you and your partners?

The comps in the area are strong and support the purchase of the property if I can negotiate the price down a little more than where I have it currently.

Two thoughts:  1)  ask for the bid for labor if you buy the materials.  2) competition is always a strong motivator.

My partner and I would be looking for SFHs in the following school districts:  Fox Chapel, Shaler, Hampton and Avonworth.