The other business I run is reselling, listing items on eBay & FB.

Also, how old are your capex items? 

@Greg ReeseMost small investors will benefit by having the LLC created in the state where the property is located at.Creating an LLC in a state like Nevada, Delaware, Wyoming may be better for the big players if items such as charging orders, business friendly case law, anonymity are important to you.However, be mindful that setting up LLC's in those states will add to your costs as you may have increased annual fees for annual LLC fees + registered agent fees.

This is true for bonus depreciation items as well.  

-Why not include a contingency line item in your construction loan rather than raise the contingency funds from your equity partners?

Paying off the notes, working to pre-emptively make repairs to capex items before they fail or become a major issue think roof, HVAC, and foundation.

I think you will definitely want to talk to your lawyer because there may be items linked to this transaction you are not considering. 

It is not your responsibility to house this person's items indefinitely in your rental. 

I have expierence in new construction, that's not a problem.Here is elaboration on the last 2 items:2.

I'm wondering how much specifics I need to include for each line item.