The real estate world has lots of wonderful people but it also has more than its fair share of unethical people.I like to get to know the people making things happen and identify a person who is really good at the specific skill I want to learn. 

What kind of skills might I need and where would I learn them?

I know that you will say you have great people & project management skills as well as follow-through and will manage to budget, but I do not know that for sure until I SEE it and experience it with you.

I'm still working on my networking skills and would like to network with you as well.

A skilled real estate agent is a great resource as well, as MLS databases to give them access to extremely detailed physical data and sales records.

And buying paper to reposition is a very high skill level endevour so I don't see that as passive at all...

If activity is ok and you have skills to rehab, you are likely going to create more equity the more you do yourself.

I'm not in that area, but, if I had to guess, you're probably looking at $3000-5000.Could obviously be more or less depending on:- Type/quality of contractor- Quality of materials- Access to existing wiring- Whether you are willing to do sheetrock repair and painting afterwards- Cost of permits- Your negotiating skill

When I buy a company stock I am buying peoples time and management skills, the assets of the company may or may not be worth much.  

Focus on saving and sharpening your skills at locating great deals.I was in the same situation a few years ago.