A benefit to him would be the interest and capital gains if he choose to seller finance it for you guys.  

Be careful not to make the common mistake of thinking that just because you find a good deal that investors will invest in it, lenders will make you a loan, and the seller will choose your offer.

You should choose design, fixtures and cosmetics.  

Second, for those that can afford the rents there is just a high volume of available luxury/high-rise apartment buildings in Manhattan to choose from. 

South Florida has many amazing locations and make sure that you choose the one that gives you the best deal and also look for the area that has good chances of appreciation in the near future.

My advice is see how it goes for the first 6 months, if you like real estate than keep going with it, however some people hate it after a while and choose some other endeavors to pursue.Good Luck

For a bit more rehab, could turn it into a 2/1 with an attached 1/1, and even reno the garage for another 1/1, with good rents over the winter months. 2) SCRAPE AND BUILD: On the other hand, I approached a high quality local developer who proposes we do a JV- I bring the land, he brings his reputation, expertise and oversight of the development and construction, and clients- he has several would-be buyers looking to build in the area.

Hopefully.Downside is that the attorney represents client (your seller) and, despite you choosing the attorney, they must advocate for their client, not you.

Though the commercial-real-estate sector has a reputation for being slow to embrace new technology, several brokers and developers are hot on virtual-reality tours—to boost leasing and sales, especially to technology firms and tech-driven media and advertising companies: http://www.wsj.com/articles/the-office-space-in-your-head-1435541344

This is also a function that you could fill yourself, if you choose to do so.