Need help with 140 acre land development in Door County, WI

[Matthew P.]

BP Community,

I have had a opportunity presented to me through a small talk conversation that I transitioned to the person asking me what I would do with a large piece of acreage in Door County, WI. I asked what that individuals goals were with the property. They opened up that this 80 acre property had been in the family for over 100 years and the most important part that they wanted to keep was the 20 acre part that had the original farm house on it. I said I would look at having some sort of 5 to 10 year passive income plan with this tied to offering the other 60 acres for a development opportunity for free, being paid back to him in an equity share partnership of 10 to 20% post development or post subdividing of the property, making it build ready for sale. 

This had never been considered by the individual, but he was very interested in thinking this option over. He inquired about my building/limited developing back round from 10+ years ago. The next time I saw the guy he asked if I would be interested in taking this on, and that he talked to another long-time family friend who had 80 acres that would be interested in the same kind of structure deal.

My opportunities to find how to make this work or if it is a viable investment for a partnership.

1. I live in Utah with a full-time W2 job working towards F.I.

2. I have extended family that live about 2 hours from the proposed location, all of them say they would love vacation homes in this area, but that polar vortex that comes each year is COLD!

3. I need a large equity share partner to take the majority of this project on.

4. The 140 acres is great summer vacation history, but has an annual declining full time resident population growth.

5. From what I can see, the median home values $204k vs $167k for the state of WI ( 4% value growth over the previous year ) and 78% of the county own vs 63% national average.

6. Household median income is $54k ( increased over the previous year ) with a poverty level of around 7.5% (94% ages 45-54 ) 

7. The vacation population inflation is shorter then other destinations, due to the longer winter season.

8. These properties are split on both sides of the main highway running through the county on the Green Bay side of Lake Michigan. From what I can see, they are Zoned to subdivide no less than 1.5 acres per parcel.

9. Come up with a a development strategy that brings the most cash on cash return and have a CORE FOUR on the ground. Looking to take a Jr position to add value to someone else for the experience on this big of a scale.

10. Negotiate a win win equity structure for all parties involve, giving us the answer if this is a investment worth doing.

Currant water and sewer set up is for Wells and Septic Tanks, but there are main roads to access direct from properties.

I tried to keep this as simple, condensed, and informative at the same point for some BP Feedback/Advise/Interest.

Thanks in advance for any help with this