You can definitely buy with less but you should plan for at least a medium sized renovation project. 

My list size is such that everyone gets something about once a month.6)  Do I "like" them?

Lot size 57,935 sq ft with potential to be subdivided.

Just for grins I pulled up the HCAD page for a medium sized apartment complex in my neighborhood.

That depends on a couple of things:1) How much rehab the buildings need and how much of it you do up front2) Age of the buildings - newer the building, typically, the lower the repairs.3) What areas they're in (i.e. vacancy/turnover)4) Size of the units (2bdrms are better than 1bdrm units)5) What kind of deal you get on them.

Window retrofits can also be expensive due to special order sizing on stone buildings.

Search for comps of similar sized remodeled properties that has sold in the lasts 90 days in the same area using the MLS, Zillow, Trulia etc. 

Not so much size as location.See what I mean?

Then you get to profits to split, your portion should be last and include your management fee as that will be seen as a performance based earnings. 

I do know if in a historic district you need committee approval for almost everything.If they want exterior and interior preserved to perfection than your projected costs could go much higher.If this project represents a large portion of your resources then it would be a NO for me.