I think you are right to a degree - things here in Las Vegas still seem like its a hot market however the houses appear to be sitting for a little longer than they were about 6 or 8 months ago - the correctly priced properties seem to be selling and the properties incorrectly priced, I think the average Home Buyer is saying "no way" to the high price and waiting for it to come down to a reasonable level 

A lot of this is going to be what fits best for you - your comfort level and your experience level. 

The new property will likely need some work to get the units to the level of my current property.

The question is whether you can properly screen them and what level of risk they present.

When you get more square footage, you get more economies of scale and as such, the price pSF goes downward.Lastly, each investor or contractor has different skill levels and different purchasing powers.

Once you've been burned by one you will vet the rest as if their auditioning for an entry level position at the CIA.

At a glance, it skews as a better deal for the money partner, because once the sweat-equity has "paid off" their half, they are (likely) continuing some level of management responsibilities that the money partner isn't worried about.

In Saudi Arabia & Iran, just to name two, the governments, propped up by oil money, have huge unemployment system benefits aimed at young people (under 35) because of their massive, permanent unemployment levels in a demographic that, if it's not working, is getting into trouble and fomenting revolution.

The parking lot is almost on level with the creek so it doesn't take much for it to overflow into the parking lot and basement of one of the buildings (currently there is a 2 ft berm built up from prior owner. 

This is an interesting question in that what is your level of desired commitment to the investment?