We were then to call somebody out of state if we had any additional questions. 

I've also been touring homes of new construction subdivisions, speaking with builders to gain some additional insight.

Brand new addition running length of house  with brand new fireplace .

Lots of more experienced members who might have additional (better) advice. 

In addition, each of my friends will put in an additional $50,000 from their self directed IRA to bring the total seed cash to $500,000.

But in that case I'm not quite sure what I can bring to the table that my hypothetical partner can do on his own from there.Another alternative is working with brokers, but as I am new to this, again I'm not quite sure how to go about it, who I need to help me, and what their motivation to help me would be, as it would be simpler for them to do the same thing without an additional person.I'd be happy to hear from as many people as possible.

But in that case I'm not quite sure what I can bring to the table that the hypothetical partner can't just do on his own from there.Another alternative is working with brokers, but as I am new to this, again I'm not quite sure how to go about it, who I need to help me, and what their motivation to help me would be, as it would be simpler for them to do the same thing without an additional person.I'd be happy to hear from as many people as possible.

Is the second story an addition or some type of unique add-on?  

I am an agent, but I own property out of state in addition to the properties I own in Berywn and Lyons, IL in the Chicago burbs.

It would be easy to spend more in renovations than what the additional rent would justify.