Take a few to lunch and interview them.  

Is there anyone in your local market you could take out to lunch who does flips?

Its much harder to turn a property around in 6 months expecting to have 100% of your money returned back to you - but if you focus on the right property focusing on highest and best use with an ADU add (like mentioned), in-fill/lot split, or other rehabs - then hopefully a semi-decent property like that will perform like a champ in a few years. 

If it’s a small place mini splits work well.

Bit more paperwork, but you get paid twice.Flat Fee + Profit Split (Repair Funding): You cover the repairs, but you set a minimum fee (like $15K) to protect yourself.

A standard 1031 exchange requires that the same entity selling the property also acquires the replacement property, which becomes challenging when proceeds are split between partners.Potential Strategy: "Drop and Swap"One approach is the "Drop and Swap" method:- Convert Ownership: Before the sale, the LLC distributes the property to the partners, converting joint ownership into individual tenants-in-common (TIC) interests.- Individual 1031 Exchanges: Each partner can then independently conduct a 1031 exchange with their share, deferring capital gains taxes by reinvesting in like-kind properties.Considerations:- Timing: The IRS may scrutinize transactions where the "drop" (distribution) and "swap" (exchange) occur in quick succession.

Also, rather than taking a large amount of money and investing into one single directly owned property, I can split it up into much smaller chunks across many different passive investments.

Family becomes brutal when its time to split up land or decide what to do, plus with the heirs laws you or your siblings kids have rights to the property.

If you're thinking of denser development, you can split the lot and go for up to 4 units across 2 parcels.

As for your lot split I am unsure exactly what you are asking but an early hurdle if you do not own the property outright is to get the lender to agree to the split and work out the details.