managing construction in Seattle from cross-country?

[Steve A.]

Last year we purchased a property in Seattle with the intention of clearing the existing mobile home and building a 4 or 5 bedroom home to sell for a decent profit.  We had a partner in Seattle to project manage the construction for 1/2 our profits.  As things often happen, we never got out of neutral, spoke with a lot of people but the project stalled.

Long story short we have approx $220k invested in this parcel of land.

It will cost approx $350k to build a home.

New homes in this part of Seattle are selling for $700k+.    

At this point options being discussed... 

• Sell to another investor (local to Seattle)  
• Add another partner with cash for construction financing and split profits 3 ways
• Manage the build ourselves, from cross-country and get a no-income check construction loan (not a great option)

We're pretty sure  we'll sell the land to an investor but I figure put this out to the experts for your thoughts before making any big mistakes.

Thanks!