Build rapport. 

Adjustable-Rate: If you plan to refinance, we can discuss fixed-rate and adjustable-rate mortgage options that suit your long-term goals.Cash-Out Refinance: Once the property appreciates, a cash-out refinance can provide funds for further investments or renovations.Living in the property initially helps you build equity faster.Your townhouse investment is a promising venture.

Building on @Nathan Gesner post:If I interpreted your post correctly and neither an estimated or final disposition has been mailed, return the entire deposit and fire your PM.

Then you can start to build your team in that area. 

you will not want to take documents from anyone on line and will want an attorney to create docs for you which would range from $5-$10k.Regarding management fees, 1-2% is what those fees typically, are so even at $1M you are taking $10-$20k/yr in management fees, which probably does not get you super excited, but thats where they typically are.

The goal is to buy a fixer / upper and try to update and sell before building from scratch.

Will your partner be upset because you are getting the better end of the deal living rent free(assuming you aren't paying rent).What if only your name is on the mortgage and deed, then the tax documents will all fall on you and your tax return and not his which makes it more complicated trying to shift income to him.If there are two people on the mortgage, it will impact both your DTI ratio's equally in full hurting both of your abilities to get credit in the future until the property is sold.Why can't you do the live in flip on your own?

I have been working with investors over the last 3 years helping them find good deals on land in desirable locations and then building a new house on it to resell.

We are looking for houses with larger lots and favorable zoning to utilize our owner occupied loans and subdivide and build while we work there.

My business partner and I created Quality First Builders, LLC, to build new construction spec homes in the Triangle and surrounding areas.