As mortgage rates eventually drop, your cash flow should improve over the long term.

From CSLB:This section defines what an owner-builder is and the laws surrounding the practice.An owner-builder is what the term indicates: a person owns the property and acts as their own general contractor on the job, and either does the work themselves or has employees (or subcontractors) working on the project.The work site must be their principal place of residence that they have occupied for 12 months prior to completion of the work.The homeowner cannot construct and then sell more than two structures during any three-year period.Getting a GC license and going Legit is pretty difficult.

Also, how long did it take?

I think splitting the profits is fine as long as your partner has worked out how much the labor will cost.

It will be difficult but not impossible to find a lender that will take second position and very likely the first lien holder will be apprehensive to a subordination agreement..The terms will not be as favorable likely in the 7-8%'s I/O but on a new mortgage there are investors that theoretically can finance 'unlimited' units..I think with our team it's 250+ up to $100M.

In terms of property management I have zero experience and wanted to get feedback on the hourly commitment so I can determine if I should self manage or get a pm.

It could also be worthless if they are only doing long term rentals since its all passive income...

If you're not yet aware of this niche strategy whereby you can leverage your real estate assets (single family, multifamily, hotels, etc.) to generate significant long term cashflow, this is the podcast to watch. 

At least in terms of rent, college students are paying 1100 - 1600 to rent by the room.

Is this just short-term fear and mindset or should I sell and look to deploy my cash elsewhere?