This will greatly reduce the Pavlovian stress of tenant calls.SCREEN YOUR TENANTS...background checks, employment verification, check references etcetera.  

Generating gross operating income $190,000 with $80,000 expenses leaving $110,000 after taxes and interest left with $60,000 profit in the pocket.The way I am structuring the deal is that If the investor puts up $300,000 they will have 85% ($50,000) of the profit and being that I will be doing the day to day managing of the deal 15%($10,000) per year. 

Assuming your land is as-of-right or approved for the project you are going to develop, you will then need to think about construction costs, soft costs, and financing costs, revenue your project will generate and compare that to the market.

In a small rural town, for $80K.I am looking for revenue generating ideas.Thanks!

@Jane Dunn Just think, in 30 years you will be 85, and you could have a few paid off homes, generating income and creating wealth for you if you do this now.  

@James EllisHave you looked into opening a self-directed IRA or, if you are self-employed a self-directed solo 401k?

I'm looking at investing in an apartment complex in Colorado Springs, I'd like to hear feedback from locals in regards to future income growth, population growth and employment in the area.Thanks,Justin

Thirdly if tenant is approved by Homeowner association (they run criminal, credit, employment check) but I feel that tenant credit and employment history my be risky for me rent to this tenant, what would best way to reject tenant and not be on hook for RE agent fee?

Your plan is a great plan and one that can work, however, I would suggest doing alot more research on the housing market here, the rental regulations from the different townships, and employing a Buyer's Agent to help you (I'm available).

I've never been a big fan of competitive bidding when I am a buyer, hence all the way out strategies that I employ.