He's sharp as a whip and an investor himself, so he knows what considerations you should be thinking about. 

Getting construction drawings for the homes are a soft cost and depending on your terms with the lender, it may or may not be part development costs.  

I know I need to start making contacts with contractors familiar with working in phases and draws, and of course being on schedule.

What type of loan to use and how much to put down are big considerations with interest rates up a little bit.

@Adam Reiman you'll be able to draw up your own purchase contract if you wish, but I'd just use a template from your local Realty agency (just don't use the realtor). 

I am sure the rehab money will be in draws based on the progress of the repairs.

Definitely get an attorney involved to draw up some kind of paperwork...CYA....

Joe,You state that it seems most of the posters here seem to have properties in the 50 - 150k range and that there is a difference because you are talking about houses in the 300k range. the answer to that is yes and no, houses in the 50 to 150k range may rent for $800 to $1200/ month ( so a PM commission at 10% would be 80 - $120) where as the 300k property may rent for $1200 - $1800 and the PM would get 120 - $180 / month. so the 300k property would bring in more money to you then the properties that are bought at the 50 - 150k range. so that spread in income should cover the PM'S costs no matter what price range you buy at and still leave a considerable profit after ( more with the $300k+ houses). you also have to deal with different "class" of people at the different price ranges. and as explained in an earlier post sometimes the people with more means can be the biggest pain. but no matter what price range you buy a house and rent it at, there is a lot of work that goes into managing that property, one that i gladly pay my PM for.

Just make sure you work with a lawyer to draw up an operating agreement.

Real estate broker" or "broker" means any person who:(a) for another and for commission, fee, or other valuable consideration or with the intention or expectation of receiving the same directly or indirectly lists, sells, exchanges, buys or rents, manages, or offers or attempts to negotiate a sale, option, exchange, purchase or rental of an interest or estate in real estate, or advertises or holds out as engaged in these activities;(b) for another and for commission, fee, or other valuable consideration or with the intention or expectation of receiving the same directly or indirectly negotiates or offers or attempts to negotiate a loan, secured or to be secured by a mortgage or other encumbrance on real estate, which is not a residential mortgage loan as defined by section 58.02, subdivision 18;I don't have the time to dig any more deeply into another state's laws, but I expect that the legal way to wholesale is to first buy a property and then resell it.