If you want to learn, and its sounds like it would be a good idea, consider reading some books like Jake and Gino's Wheelbarrow Profit and Crushing it by Brian Murray.These would give you some head start understanding more about the different between residential and Commercial mfr. 

And I haven't found that paying for a PM is profitable or scalable unless you can acquire 100s of SFHs or condos.

Houston numbers falling short compared to the profits I've been seeing from small towns. 

We've been working on bylaws, registered as a non-profit, set up a bank account, drafted application forms, discussed membership fees, and a whole bunch of other stuff.

Renting builds someone else's equity and profits not your own. 

Who will take over my Purches rights that i had with the seller then after if everything is closed i get my profit and the seller gets their asking price.Am i right or wrong in this?

This is the same as private lending but a true hard money lender will demand higher interest and often points so I would only look to this route if the AirBNB rental is very profitable. 

He wants to fund the project, while I provide the GC and contractors, then we split profit 60%(me)/ 40% (him).Most profits will be 30-40k, and we would split that.I like that I'm investing with someone else's money and paying no interest, but I lose profit. 

Plus your profit.

the area has since gentrified and i bought in the 150's and it now appraised at 260K its a cash flow monster with both sides rented out im getting $2600 a month in revenue and total profit after everything is $1253 a month.