I don't WANT to hide behind a corporate structure.

Looking for some advice on how to structure my first partnership.

It's not necessarily something to resolve or fix or perhaps even research, unless a lender won't lend on it because you don't own the surface rights so would not finance permanent structures there. 

There’s also future development potential given the size of the land and zoning (allows for medium density development up to 8 units per property).What would be the best way to structure financing for a deal like this?

You may have a case if you can prove the builder neglected a structural standard, especially since other units received retaining walls.

You are looking for evidence of water and mold and assessing the structural integrity of the walls and support beams.2.

But for straightforward setups, you can actually form an LLC directly on the PA Department of State website yourself, and it’s very cost-effective.For larger portfolios or more complex structures, some investors prefer going through a real estate attorney to ensure their LLC is set up to maximize tax benefits and liability protection.

I've been involved in two JV BRRRRs with Land Trust ownership structure, the one we still own happens to have Joe Seagle's company as trustee who replied above.  

If accepted, I have my inspector inspect the property and provide me a report on the state of all systems and structural. then I use this report to build my scope of work and know what repairs need to be made. then I type out this list and solicit bids from 2-3 contractors/GCs/ handymen depending on the nature of the rehab.

I originally lived in it for a year, while if fixed it up so i only had to put 5% down + closing costs(25,000), and the property has appreciated 8% over the past two years(20,000) but not sure if i should rent it at a loss and structure the lease so i am  in a more favorable leasing cycle, or plan to sell it.