Personally, he'll be a lot better off for asking on here than if he had just pulled the trigger on it. @Eric

Those that have had success with some iteration of the design/build/develop model have really leveraged their skills via sweat equity.

Come to south Florida double your income, you wont regret it. @Eric

I'm currently partnering in the expansion of a lifestyle brand from one location in the Downtown LA Arts District into further iterations and spinoff concepts throughout Greater LA.

I say try to organize what you can now (get your product on the market), then iterate and implement improvements from there.

From what I can tell, the use cases (or stories, if you prefer agile development terminology) are pretty well defined, but the terminology varies hugely among RE investors.

The days you are not busy doing real estate stuff you should plan on being at a kids ball game, a pancake breakfast at the local Lions club, a school play that you donated $50 for, getting your car washed at a local fundraiser by the soccer team, volunteering at a local chicken BBQ, taking your dog to agility classes and meeting people etc etc.

If that's not your intent, tell the truth. develop your script and approach iteratively, make improvements to it over time and test new things.

Buying on the courthouse steps, Sheriff Sale, Tax Sale, etc.....Everyone calls it something different and I believe there are nuances to each iteration. 

Also, the number of rented units allowable can change with each iteration of the bylaws (especially in improving neighborhoods) and you may find yourself trapped not being able to rent.