I would ultimately supply the capital for down payment and rehab and pay the mortgage if needed, we would rent out the other units (ideally this would be a 4-plex depending on the market) and then we would split the income whichever way we see fit.Any immediate concerns with this? 

However, you'll want to look at TIC comps right now, usually they sell for about 10% lower than condos but I have not followed TIC values  and supply recently.

Markets get hot or cold based on 1 simple law of economics: Supply & Demand.Currently supply is extremely low.

@John Morgan, even in this low supply high demand environment people accept low offers?

A few other questions:  Has the contractor had an issue getting supplies? 

Supply isn't changing, but demand is now increasing even more than it was before. 

The LP investor goes through the website, supplies documents and gets verified or not.

It has a lifespan, like anything else.Looks like a lead supply line too. 

@Henry ClarkThank you for reaching out with the HUGE amount of info and direction you have supplied.

You do not want to try and manage projects yourself and supply materials especially if you have little to no experience.