But then there is the potential to refinance out and have little (or none :)) of your own money left in it at the end.  

I just potentially save time.

basically the steps would be1. drive to find a potentially qualified house.2. find out who lives there and what their mailing address is.3. put them into your mailing campaign to start sending them lettersim mainly looking to outsource #2 and #3 and curious as to how you guys do it.  

We are working on our business plan to show to banks and/or potential financial partners.

Which cities do you see as having the most potential for long-term growth (20+ years) in property values based on population growth, job markets, location?

I sure see the potential for many investors to be crying when they have their property taken.  

I do believe they are entitled to it since they are unlocking the land's potential, but my biggest concern was how little the proportion of the split is.

The debate going forward is continue using my own cash (in total control, no interest, can make more competitive offers to acquire properties, higher $ amount returns, no contractor draw requests/inspections to deal with throughout entire project) or turn to a HML who is going to cost me around 10-11% with 2-3 points interest only loan with no pre-payment penalties (much less cash out of pocket, high cash on cash % return, potentially do multiple projects at once). 

Or was it more just based on the an income approach with potential for raises in rent?

The tenants in a triplex I manage are moving out and hired professional movers.