You want to perform Financial Due Diligence first, and then if the numbers check out, move onto physical due diligence.  

Here in MD, the law states that anyone performing contracting work on residential structures (i.e., those with four or fewer dwelling units and the interiors of condominiums) must be properly licensed by the MHIC and will have one of two types of licenses: Contractor or Subcontractor.  

Read other books and get really good at evaluating the performance of a property.

In the future I might like this to get something cheap with a cash offer and fix up as needed.Ideally I want to get equity as the person who finds the deal and puts it together, and in the interest of retaining a competitive advantage, perform improvements needed as a Cost-Plus arrangement where I can cover my Company's COGS and Overhead.

For example, how to have someone perform repairs to get it ready (without me being present), what to do with the furniture that's in there, etc, etc. 

I have a pretty crude proforma built, however if there is anyone who knows of a more detailed tool better suited for multi-family that would better capture performance/returns factoring in the delayed start of lease-up and absorption rate from there, I'm all ears. 

Hello, We are in the process of buying 12 acres in TN for 400k, we plan on performing all necessary testing (perc etc.) in order to successfully subdivide into (3) 2 acre Parcels and keep (1) 6 acre parcel and build on it for ourselves.

This would help the investor build the team pretty quickly, if they are solid performers.   

Owners mistakenly ASSUME all PMCs offer the exact SAME SERVICES and PERFORM those services EXACTLY THE SAME WAY, so price is the only differentiator.So, the first question they usually ask a PMC is about fees - instead of asking about services and HOW those services are executed.EXAMPLE: PMC states they will handle tenant screening – what does that specifically mean?

Perform a background and credit check, and definitely verify their references. hope this helps!