The only benefit in this instance, as an investment partner in a JV, or member in a multi-member LLC, is it's an act of "good faith" on my part in the agreement, being extremely transparent about the project's costs for the construction company, and the specific amount the partner/member invoices as profit or salary attributed to construction services on the specific project (I differentiate profit from salary, as it depends on the size of your construction company, a smaller company the profit may be the salary etc). 

They can help guide you in specific local markets.

I've been saving up for my first property purchase, specifically aiming for a duplex.

That is a pretty loaded question and depends more on the host and the specific property in question. 

There will be no regrets you cannot definitely go wrong. 

Definitely price is the major factor, but location relative to OC is important for me as well.  1.5 hr drive ain't bad for an investment property if anything goes wrong. 

Things may get a little more complicated depending on your specific situation, but that's kind of the general idea.

I haven’t bought anything yet… but I did get the Chandler Smith ‘Rental Calc’ to compare it to my spreadsheet and either we are both wrong or my spreadsheet is on track.

If we didn't change culture Rosa Parks would still be stuck on the back of the bus. ya know digging back into my memory ( which becomes harder and harder these days) I recall there is a specific listing term..

They should be able to refer you a lender that can walk you through ways to limit your cash to close.For your specific questions, an FHA loan is probably going to be your best bet.