Is the goal simply to tie up the property by finding something below market price and entering into an "option" to by with the seller, then finding a buyer as quick as possible?

Any of the developers compensation can be converted to equity tying their profits to the success of the project.

I have a somewhat similar situation as Bill's and I am tying to get some ideas on my basic bare bones frame work.

They had a shoe lace tied to the towel rack and to the mixer to stabilize it!!!

There might be opportunities to pick up a deal from them if they are tied up into a rehab project already. 

This could come from an investor that gets in a tight spot and needs the money (which is why you don't admit investors that can't afford to have the money tied up for the long haul) or it could come from a buyout strategy where you take control of the entire property. 

All expenses not directly tied to the property. 

The bank will tell you what you're (ballpark) qualified for, which yields probably price, which is usually tied to size/location, which will give you some focus on a realtor to contact.

As a project manager (and if you are running your construction projects, or an owner doing some of the work on site, you are THE project manager) you need to have a plan for the entire project in 3 different areas: Scope- what work is to be completed on the project to achieve the desired result, Schedule- a reasonable expectation of time required to accomplish the scope, And budget- the money needed to actualize the scope within the defined schedule(also known as the project constraints)There are many ways to deal with all of these constraints and different projects require different strategies, but the important thing to remember is that the 3 constraints are tied together- if one changes, the others need to adjust as well.

So closing with a title company should not be negotiable. find out if there's any liens or financial dedications tied to the property.