The town requires plans, proposed text, detailed narrative, and design guidelines before they'll accept the proposal. 

I personally would put the property into an LLC as part of an overall plan to protect my liability.

---So, learn the neighborhoods where you plan to invest and use Google Streetview to virtually explore them.3) Poor Tenant Screening - they typically can't sell a property until they place a tenant.

There's so much to learn in the industry, glad you have a plan of how you want to invest.You're in a great market in the Phoenix area, I invest and live in the area myself.

I'd plan to own it about 18 to 24 months.

Master Plan for City- This one is awesome!

Could be some type of project manager or general contractor if you plan on having more properties there in the future. 

My business partner and I plan to fund around 35% of each deal as sponsor/GP, and will raise the rest from our LP's.

I'm also in need of a CPA/tax advisor to advise on what's the best structure from a liability protection and tax planning standpoint.Thanks for your input.

Plan was a long term hold as a short term rental.Step 2 - the plan to fund this project was through the sale of another property and monthly income/savings.