If there is grey involved, they tend to settle.

This will be typically in the 15-20% range (on total construction costs) for new construction, assuming you and the investor are not taking on a cost plus contract.Given your limited experience, I am not sure why you would be involved once you sell the lot. 

This involves a few more moving parts, but seems to be pretty common.  

Her maternity leave pay will end soon so it’s either go back to a J.O.B. or have her more involved in the business.

So many good programs out there to get involved in to volunteer your spare time .

But before you make that decision, you need to have a serious come to jesus about what your goals, needs, and deal breakers are with regard to:Time - how much time can you reasonably afford to spend on the investment once it's made, on an ongoing basis Control - are you willing to sacrifice a bit of your return for someone else to handle tenanting, maintenance, and turnover, or do you want maximum control regardless of your experience levelResolve - if you're inclined to be very hands-on, do you honestly know that you will be able to maintain the level of involvement long-term?

I am new to investing and am trying to be involved in any real estate dealings I can, to learn and network. 

Working with a PM that specializes in this area, we have a strategy that involves complete reno of units, combo of section 8/market tenants, getting rents to market and offering a quality living space that attracts better tenants. 

This all sounds like a lot but I'm waking up each day excited about the days ahead...you guys are an unbelievable gem of a resource and I look forward to getting involved and helping however I am able...Best,DJ Tosh

Thanks for the reply @Aaron Osgood.She isn't picking finishes although I have been running some items by her for her opinion since she's involved in that market.