I own Land - How to Structure a Joint Venture

[Daniel Pitner]

I own a piece of land. Here are the numbers: 

Appraised Value: $250,000

I Owe: $150,000 

Homes in the immediate area: Selling for $1.3 million 

I would like to figure out how to strike a win-win deal with an investor/ spec home builder where I get my full value of the land (once the project is done) and a small percentage of the overall project profit.  ( I don't want to just make my money on the land-- I can do that myself by selling it) 

What joint venture terms/structures would work for something like this? 

I would love to do it on my own but I simply can't afford it.