If anything I hope to gain more knowledge in dealing with the large $10 mil plus transactions so I can develop confidence and comfort going forward. 

My strategy would be to let it cash flow initially for the next couple of years, and then if the area keeps developing, determine if its worth making substantial improvements to raise the rents significantly.There are definitely some risks with this property: many tenants are on short term leases; and there is the risk that the immediate surrounding area does not continue developing as it has over the past couple of years. 

One of the largest new developments has been ‘buy to rent’ loans for single-family rental home investors.

I think that Beaverton/Tigard and others are not quite the same as sprawling new developments outside Sacramento (perhaps more comparable to the San Francisco East Bay, to cite a local examplea gain), but on the other hand in the event of a significant downturn you maybe are more protected in the core.

Also, I think our property is in a "better" part of Longview (its by Fred Meyer and new development).

I am trying to glean as much info as possible to develop a good solid strategy.Thanks for reading!

Due to unforeseen circumstances surrounding the school I originally wanted to attend I had to make a big decision.

I have an associate who would like me to invest in HIS project, which I've never done - I've always been the developer, not the lender. 

There are still rules that need to be developed, but based on this being in Cook County, I highly doubt those rules will favor landlords in any way.Now on to my opinion soapbox.

Again, something to understand as you develop your strategy.