My primary goal is to make a solid amount of money while learning everything I can about particular aspects of the industry. 

I'm interested in acquiring solid properties at good prices so I'm expecting to look at properties to buy that are in many different stages of ownership.  

We just took off the old sheet material and underlayment and even after more than 15 years there was only one area about 1 foot square in size that had some wood rotting.  

Insulation, wood, siding, concrete, etc!

I'm a local investor in your neck of the woods.

I am in the infant stages of putting together my business plan and want to make sure I have a solid plan of action in place on how to manage out of state deals.

(My idea for the partnership would depend on two scenarios - we have not sat down yet and came to a solid conclusion at this juncture, however option one would be he stays in the long haul - I help finance the deal, take care of that side, put in my sweat equity/management where I can, then take care of lease out, property mgmt - we'd split equity 50/50 - second option would be for his exit at a pre-determined point in time.... cash out refi - and he gets 50% of the equity - walks away or keeps a percentage of equity leave some cash in the deal etc)Am I out on cloud 9 as far as getting build cost down to $50/sq ft or so?  

You likely have a termite issue, or perhaps some other form of wood destroying pest. 

@Mike Wood@Jeremy PaceThank you both for the responses.

Our area is booming and we have most success in finding solid Buy Hold investments.