We also have an engagement period prior to this that covers planning an design work. 

These are notoriously challenging to predict because of unknown factors that could arise.I'd have to say looking at market conditions and what is expected in your local market can give a good insight to short term property value appreciation.  

Anyone having some experience the and able to give me some tips about the potential challenges ?

I would look for them to be willing to teach me, answer my questions, ask me questions, challenge me, and ultimately have a vested interest in my personal and professional success. 

If you have general questions about local markets, investing styles on facing the challenges of being young in a cash business I'd be happy to discuss.

But I would argue that especially if you follow the BP LEADS  funnel approach, you're going to be looking and vetting a ton of deals before you find a diamond in the rough and engaging a realtor for 100 deals before one is purchased. 

My close contractor friend told me to buy in Scottsdale cause that's where the money is, but to be honest that market looks more challenging to me at the moment (until I understand it more). 

You haven't yet heard from a local, so thought I would chime in.As a tenant there are free legal advice places he can engage in, but really the message is that he needs to read what he's signing and ask more questions before signing.  

Step two is learn your state landlord tenant regulations and engage a lawyer if you are not comfortable proceeding with a eviction should it become necessary.Welcolme to the world of being a landlord (maybe).

Finding a suitable partner may be more challenging, but if you're interested in making money in RE we have enough in common to at least discuss.