Creative? Form a partnership?

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Hello,

I'm new here, and new to real estate investing.

I have a problem and I was hoping I could get some advice and help here.

We bought 5 acres in a great location. Grandfathered water rights, no CC?'s. Sub dividable. Put in well and utilities. Bulit a beautiful 5050 sq ft house. A developer bought the 20 acres behind us and has purchased a small footage of our property to run city sewer and utilities to make subdivisions on the 20 acres. We are able to sub divide.

The problem is that we only owe 160,000 on this property, have about 25,000 of debt we need to pay to other sources and do not have enough money comming in to cover our mortgage and debts.

Although the property market is on a slump for a while, if it picks up in the next two years or so, the potential to make over the million mark is very likely on our property. We could probably sell it now for 550,000 but we do not want to.
I put in a small free ad locally to sell it and the response was amazing...the builders round here are eager for this land as all the best land has been taken, and this is one of the best, and in one of the top growth areas.

Would it be possible to form some sort of partnership/company with an investor.

Rough example because I do not know how this works:

Current value 550,000:
Other party 50% = 225,000
We clear our mortgage and debts =185,000 with cash from other party.
Balance of 40,000 to be paid either as lump sum or as monthly payments to us from other party?

PS: The current value of 550,000 is pretty low. In a fair world on a level housing market with the potential as it is. The value is realistically 650,000.

Any ideas or comments would be greatly appreciated...

Thanks
.