My target location isn't the most ideal for starting out I think, I live in one of the most expensive cities in the US.

No, it's not as easy as the good-looking subsidized movie-star wannabes make it look on TV! 

We are operating a 50/50 JV where i deal with all the financing, legal, accounting, insurance etc and he deals with the permits, construction, contractors, architects and so on. 

My primary website (www.soignier.com) perhaps isn't ideally named either, but I'm hoping to build my brand by providing investors, sellers, and clients w/ great customer service, good deals, and ethics beyond reproach.

Before you sign the contract, call your local zoning and find out what kind of road frontage is necessary in the area and make sure that lot has a minimum of that road frontage.The quick closing would ideally be a simultaneous closing, in which the money from the builder pays the seller and you'll get the difference.

Ideally 10% CoC return.

Making the tenant accountable can counter this waste.Some of my landlord friends have "Christmas Story" type basement fights with the boilers in winter (or big plumber bills--to pay them to fight)...Of course, your market, energy sources, and your building type may vary, but any solution where you can make each unit responsible for its own heat and hot water (and minimize maintenance) is ideal.

Ideally, I'm aiming to do that a lot sooner though.

Rents are about $1200 for a two bedroomWith a mortgage I can pay on my own, even if I lose both tenants, so up to $2000 per month in total expensesI want to ideally find the ugly duck in a cluster of nicer complexes, so, a property that is livable, but where I can add value with some light of medium remodeling and beautification/upgrades.

hey @Mindy Jensen I can give you some direction since I deal with multi family legislation and laws in Colorado, but I'm not a lawyer so take it for what it is.