I've read books (Turning Distress into Success; Performance Anxiety; Seller-Financing & RE Notes in the Dodd-Frank Era), explored the posts in this forum, listened to @Bob Malecki 's BP podcast episode, and now have some (hopefully reasonably intelligent) questions to ask.

So perform you due diligence. 

@Jeff B. your reply would be relavant if this was a performing property; however, as stated it's new construction.

No one has hired the investor to perform any service.  

Trevor McGregor, Joe's Peak Performance Coach, blew our minds with that and so much more,5.

Also, at this point in my investment business I would rather do it alone and retain the equity for myself as a partnership will expose me to unnecessary liabilities such a personal guarantee, making sure the partner perform his end of the bargain, etc.  

How much jockeying work does your title company perform for you? 

I am buying 1st non-performing notes, some are BK13.

It performs thorough background and credit check by scouring court records and documents 

Flipping homes while going to school and living a few hundred miles away seems like a recipe for sub optimal returns on your first deal.