I might be reaching back out to you both in the near future 

You should be considered passive here since your not "materially participating" which is a great strategy for building wealth.

I do this strategy all the time with multi family properties.  

So depending on how good the numbers are and if seller accepts my clients aggressive offers play heavily into the strategy.

Get five deals in any one exit strategy before branching out into others.

Feel free to reach out if you have any questions, I'd be happy to assist.

I can't speak to the financing side of this question.... but as a GC I would tell you to reach out to reputable GC's/construction companies in your area for a rough estimate of what it would cost to build a 4 plex.

Investors have changed their strategies, and are focusing more on appreciation vs cash flow.

I would also recommend you reach out to your local county housing authority.

He was decidedly more excited about that idea.In terms of money, my initial thoughts were that the equity in the property would change over time as individuals contributed more throughout months/years until an agreed amount of parity was reached based on whatever the property called for: i.e. everyone owning a 2bed/2bath had contributed the same amount of capital, that sort of thing.