Do you feel like that purchase was worth it since you had to put so much money down?

I put $100k down, an average of say $400/mo or $5k/yr.

For the amount of work that the developer/builder partner will put into it, 20% might be low (especially if they are going to be the guarantor for the loan), but if they are willing to take that, then good for you.

They might be able to put you in touch with other specialists or investors and frequently possess market knowledge.In your desired neighborhoods, go to open houses or property tours.

But basic calculators for rehab and investment will work, you just need to put in your own numbers. 

This benefits today’s buyers, because there is less competition for the current supply of houses in the market and it puts you into a better position to get the house that you like and want.

However putting in the electric one does not require much space.   

We found the home on zillow, called the realtor, walked the property, put in an offer, it got accepted, so we packed up and moved our family from CA to TX to start this new venture.

To provide some context,I plan on using a conventional loan and put down 5% (That way PMI goes away).  

They may suggest properties to you, offer insightful market analysis, and even put you in touch with other local experts.Make contact with nearby lenders who have dealt with real estate investors in the past.