I found a duplex that required minimal work that allowed me to rent the property quickly.Depending on your experiences with rehabs, it might be better to start with something that doesn't require a ton of work so you can focus on learning the landlording business, developing relationships with contractors, so when you're ready to do a full rehab you have the pieces in place.

Mechanic's liens are more complicated than just filing a piece of paper.Is the contractor licensed?

Why would anyone buy or lease this piece of land for any purpose?

I feel like I am starting to get an idea of how to calculate all this information but yet still feel like I am missing out so many key pieces.

It is looking like I am still missing some key pieces but this is all a learning experience.

I'd try to negotiate in the deal, that I'd get the 1st option to buy the partial, which I could monetize by bringing another investor looking to buy a short term cash flow deal (I don't expect everyone to understand this note investing strategy) for a piece of the note, for a fee, or selling it, at a lower interest rate than what I've negotiated.Thoughts?

You just have to keep your eyes and ears open at all times.

I'm all ears.

He needs to have connections with other trades in the area, vendors, etc.Last piece of advice, make this person get all supplies, materials in his or her name, not yours.  

Each unit is a 3/1.5, roughly 1000sqft a piece.