If you feel in over your head, find a money partner that has more experience in your area. 

My head of maintenance is insisting that there is no way around a major, bank-breaking solution.  

Hi Garrett,Just off the top of my head, here are some of the steps you might want to take.Seek a construction lender for the job as as well as a lender for when you are stabilized.Find out what the Lender Requirements are for YOU (and your Partners and Co-signers) and for the Project, and work to meet the requirements.Open your dialog with a Lender(s) early on, and keep an eye on interest rates if they flux up you may want to reconsider doing your build.Talk to an Architectural Firm (that has built recently in the area) apartments of the size and type you are wanting.Ask them for some rough (You Spend) figures with timelines on them and see if that matches your Vision for the project (be ready to take out your checkbook for this).If it's a GO, have them recommend a General Contractor for the job (that has built recently in the area) apartments of the size and type you are wanting.If there are tax incentives tied to the project for certain renter classes have your CPA figure that into your projections.Consider any "Dirtwork" (soil engineering for poor soil) or required "Drainage" costs on your chosen site (or shortlist of sites).If it's a GO, tie up legal control of your building site.Note: Big construction can Bite you in a Big way if you have little experience in it.

Other than that you hit the nail on the head with the LLC and county information.

I am also the head coach of the basketball team for the school that i work for. 

Although based in Vegas, I am from Los Angeles and am headed to Virginia!  

Recently I've headed a group of  Chicago BP   investors that go out every Saturday to view properties and make offers using no money down lines of credit.

Just giving you a heads up. 

More heads in beds usually yields more.Having said that you could list the 2 bed separately and the whole thing as well as the 5 bedroom.

Things like taking out walls and changing floor plan are the kind of projects that will get you in over your head as a beginner and/or someone with a hesitant partner.all that aside, there's another important element to what you said that I want to call out...