You will want to basically practice being that guy in any and all ways possible.  

Meaning what are the major steps (searching for the property, evaluating whether or not it is a bargain, legal stuff, finding tenants, drawing up contracts, etc; remember, I'm brand new and basically know nothing) to making this all happen?

They have the means to private money which will fund 85%, while I have the remaining 15% - this is where I come in - kind of a third wheel.The agreement is that I contribute my private money and some time for basic rehab, in return for the experience, learning and 15% of net profits, and of course my 15% of initial capital, while they split the rest among themselves.They said  that they will write up all of our contracts, including mine for the 15% initial project capital, as well as, my 15% return on net profit. 

I can't vet for Gordon or anything but I think its a great opportunity to learn the basics, understand the concepts, and a great opportunity to open more doors and connections.

Basically all he does is take service calls and deploy contractors for maintenance if needed.

Detroit had a number of very unfriendly investor situations.. from the danger of your block going to seed... to Devils night and your house gets torched. to Wayne county basically being totally dysfunctional as a county entity.. just better places to invest.. is better in the suburbs of Detroit and out of Wayne county I have no doubt its better and probably sustainable.So in my mind If you live there and its your JOB to buy and run these assets then by all means give it a go..

The other banks basically said "give us x% in down payment or here's the door.

I'm 27 years old, father, husband and basically reality is hitting me right in my face. 

I roll the points into the note so I am basically getting interest on interest.

They told him that he could file a complaint and seek reimbursement from the city for damage to his property but then he would face fines for this and that along with possible prosecution to the point where he was basically bullied into eating the cost himself.