What would you do or not do?

[Pearce G.]

I have a couple of acres that I subdivided from a larger property.  Once I sell the main parcel, my cost basis in these two acres will be near $0.  A builder I trust is interested in putting townhomes on it.  To make the math easy, let's say the current value of the land represents 20% of the total cost, and the builder intends to build 10 units.  

If I sold the land to the builder, it would be a bird-in-the-hand and I could move on to the next deal.  But suppose the builder won't or can't do the deal if he has to buy the land upfront.  Would you rather:

--contribute the land to a partnership deal where you end up owning 2 units (20%)?

--contribute the land to a partnership deal where the builder pays back the value of the land plus 20% of his profit?

--owner-finance the land? maybe with a balloon payment due at 24 months?

--Something else?

Obviously, everybody's situation is different, but I'm interested in WHY somebody might choose (or warn against!) any of these scenarios.  Thanks in advance for any guidance or suggestions.