fund/syndicate buying a family property to build 16+units, Boston

[Nicholas Mitrano]

Hello everyone.my name is Nick, im in a HOT market on the edge of Boston.  quick introduction; 2 years ago i purchased my first property ($620k, 10%down, 4 units, $6100 gross/mo.) i have a single family flip that is wrapping up, expecting to make 20%/90k. i started a business to manage the rental property and got a credit line approval for flips. 

BUT now i feel like i stumbled into a great oppurtunity. about a year ago my father sold his auto repair business and building to Wynn resorts as they built a Casino across the street. i convinved him to 1031 exchange his way into some properties (4 small multi's, almost $4mil worth) and i now help manage them. he is rather fed up with one of the the houses which is a "C" building at best. and wants to sell it to a developer.

OK now the good stuff. he bought this home for 800k roughly, its about 8,000 sq/ft lot with a 2700sq/ft 3 family home on it, the house makes money but it is too problematic. he spoke to an agent who said if he gets plans and approval they'll get him 1.5mil, this seems a bit high to me but i can imagine its possible. i was going to shop the property around to developers for him until i thought, wait i've heard of syndicating deals on the podcast... why cant i do this? the property is long, very slightly wider out back than at the street line. without having too much to base this on i assume a 12-16 unit building could fit, if it can be 3-4 stories at least. what if i structure a deal for my llc to buy the property from him, i'll manage/coordinate the entire process and reach out to some people i know to source funding, or just propose the project to someone with experience who can help with the process.

i would greatly appreciate any input, ideas, strategies etc.