They would be entitled to 3/5 of the cash flow, and the developer would likely have their fee and also promote waterfall structure where upon hitting certain returns, their % of return in increases.

Then you can use the funds on demand as needed maybe start with the 40k renovations on your duplex and then have the rest of the credit line readily available to get the large multi-family you are looking for.I dont know the location of your duplex in California but $925 for rent per side seems reasonable and there may be room for rent increases.

We are moving in the spring to Oregon for this very reason and may try and join again once there, due to the increase in valuable real estate and prospects for flips.

Try to look at publicly traded real estate developers, they may disclose some similar project budgets, but be aware that doing a project of that scale requires and lot of political connection which may increase or decrease your cost.

This would obviously increase my monthly income as well. 

NNN - I am going to negotiate a cap on the expense pass through for property taxes to mitigate the California prop 13 tax increase; ideally getting very close to what the current tax exposure is.

It started from an article then turned to blogs and has increased to books since there.

In a round-about way, I'm asking for help and looking to see if I should completely back out of this or if there is someone in the Portland area willing to help out a newbie and gain a property along the way while also increasing your network. 

Another pro can be that neither accountant will likely increase the bill to you from year to year in fear that the other accountant can steal the business.

So hypothetically if I get 3.5% down on a $100,000 home then put $5,000 in repairs and increase the value to say $120,000.