This first one i am purely purchasing it from him for a good deal, however my end goal is to be the one who holds the properties and have him build and pay him according to a cost plus type contract.

The fact that more owners will follow this path is purely speculative on my part and I may be way off base.

or Pure investment. 

I really look at RE as a pure investment and subscribe to the your home is a liability principal.

But, like the name indicates, it's pure speculation if this ferry terminal, or that bullet train, is ever actually going to get built.

I guess the GFC created that tag line.. for me personally I want to buy at one price and sell at a greater price.. if i cant then why buy it.. even if its negative cash flow.as a land developer speculator.. we are all about negative cash flow.. its the basis of our business.. but then when we hit it right we make some nice profits that exceed anything that could be made on pure cash flow with the same dollars invested and over a given time period thats why one simply has to look at IRR to get a true picture not just cash flow

That's what I have seen in big bear, too many biggerpockets type investors trying to buy-in, and I just don't see how most of the current price levels can be profitable rentals unless you purely self manage.

For renting you may be better off in Elk Grove (I don't know that market as well) from a pure CF perspective but if it's a question of appreciation and amenities I think Folsom probably wins

I'm now bringing in investors to buy out some of my LP holdings for a 3-year term and I'm looking for software that will help me manage the day-to-day communications, accounting, K1s, reports, etc.My PM is using Buildium for property management, but I'm looking for software that purely caters to investors.

If you are going to use it regularly yourself and are OK with it breaking even most of the time, then it might be OK.As a pure investment, cash flowing property, then it is too risky IMHO.