I have a friend who's planning on purchasing a home in the next year or two. They are leaning towards going the FHA route and are interested in buying a multi-unit property if possible. Their goal is to find a 3 or 4 ...

What key factors should I consider to determine if this is a good deal or not?

Do you run test ads for the imaginary apartment? Do you run some for apartments and some for duplexes to find out which gets a better response?

I have 2 acres in a rural community that could be used as mini storage ...

Plug your numbers into this pro forma, see what your estimated profit will be, then use the local cap rate to determine how much you should offer for the property.

We basically don't want to risk her getting any sort of ownership in our company.

Have exit strategies, Try to determine your "fire sale" price, check rental rates in the area and talk to lenders early in the process that might refinance so you have some backup options.As for DoHardMoney.com, Sounds too good to be true to me.

We are having a hard time determining how to structure the partnership.We have the deal, and some limited experience in a different market (2 years and 4 units over 3 properties in Augusta, GA).

If they're owned by another company you may reach out to them and determine what their intentions are for the home, maybe they recently purchased to rehab which could be great for you. 

I strongly urge you to get a good mentor as well.So, I would suggest that you save those dollars while you explore real estate and determine if it is right for you. 

Disclaimer: still new to this, but in the same boat as you with trying to determine rehab cost (not flipping though).I would contact a general contractor and see if they can give you a rough estimate for free. $85-90/sq ft homes are about what my area is going for but older homes with larger lots.