This is going to become "Millennial City," with a fair percentage of retired Boomers for extra community flavor.Another opportunity arising from this rezoning may be found as a result of the new opening of most of the "commercial only" zonings for multi-family and mixed use projects here, with current market prices that don't necessarily reflect the near future.

What is a fair way of splitting the ownership and/or division of profits (from both cash flow, and an eventual sale)??  

@Dustin SalmonI have talked with two lenders about blanket loans, and the both seemed fairly reasonable.  

I am also a fairly new investor, having acquired our (my wife and I) first rental property less than 6 months ago.

So if these 2 factors are fairly similar to some other businesses or investment strategies, #1 They highlight their best successes, #2 they use primarily debt to buy property, then there is really no reason to hate a guru program, unless you also hate the other persons or companies who behave the same way.

The rent should be at or near fair rental value.

However, the buy & hold area is so much different than flipping that telling you I have a deal that will cash flow at 1% is about the same as telling you I have a pair of shoes that will fit you without knowing your shoe size.Flipping employs a fairly simple and defined formula that everyone can use.  

I am fairly new in the investment community.

Just be careful that you have a real good fix on your ARV to make your numbers work when you flip since you will have only 3% skin in the game.

To be fair they were new construction brick with concrete scored floors..