Land Owner Partner Deal

[Eli Porter]

Hello BP, 

I am a General Contractor looking to put together a deal on a new multi family building and was thinking of approaching land owner of a perfect site for this project. They have overpaid (even in today's market) for this land in 2005 and have done nothing with this land since. Was thinking of just bringing them into the deal for an opportunity to build this 14 unit building along with the end game of owning them as a rental property. Any ideas how to approach them on this and of course then how to structure this deal with them? Can anyone think of then a good way to get them out of the deal after some time? Might be tricky being that the land they over paid for, maybe I could offer to get them out after they got their money back including taxes over the years since ownership (taxes total approx. 30K on the land for ownership period) or not, just a clean even money back deal? Any help on this would be great and appreciated! Thank you very much!