See the attached linkhttp://city.milwaukee.gov/AreaPlans/NearWest.htm#....Some of the local bigger players/companies  supporting the project are Harley Davidson, Miller Coors, Marquette HS, Marquette university, Aurora Health care and  West End Development Corporation.

As a new comer trying to follow 1% rule, cap rate, CoC, NOI, 50% expense rule and so on and so on, can be mind boggling.

It could take up to 10 years or more to grow to the point of having significant enough income to replace a paycheck.If you want to flip you could be facing some very lean times without a job to support you or you would need deep pockets.High paying consistent long term employment is the easiest way to successfully invest.

But the 2 year rule (assuming we stay for that long or longer) would override that. 

I would assume the support and training wouldn't be nearly as good as if you had joined a local broker. 

Thanks @James A. for the advice, I'm definitely leaning towards the partnership route both for the financial reasons as well as the support in splitting the risk/workload.

It will only make sense if this opportunity fits your investing criteria which support your goals, which funnels up to your purpose.

These rules regarding the commuting expense have grown complex over the years with many exceptions. 

What level of outside income does he have to support it?

Well below 1% rule.