I'd be weary of "partnering" with any general contractor 95% of them are terrible and will put other projects ahead of your "partnership".

Get the following document:operating/management agreementt-12current leases/contractsmaintenance records/work ordersThat should be enough to determine past income, projected income (6 months or so), operating expenses, and general CAPEX needed.

Right now this area I believe is going to be booming with all the new businesses and projects, including the new minor league stadium.

@Riley Holt you're projecting your standards on other people.

@Eddie Gonnella I recommend telling them you’re looking for a bid on the project.

If the mortgage is projected to be in the $1,400-$1,500 range (give or take), you'll be losing money on the investment. 

@Jim Macedon It depends on what type of project you are building.

Saw a report that was projecting much higher vacancies in Austin next couple years due to a number of large projects hitting the market end of this year and next year.  

Etc.If you're interested in learning more about the project you might have on your hands, I recommend The Classic Hewn-Log House: A Step-by-Step Guide to Building and Restoring by Charles McRaven.

I also build into the contract a clause that says if the project is not done by X date the price is reduced by $100 (or %) everyday until it is done.