Also any ideas on documentation required to cover all parties"First, HAVE AN ATTY REVIEW YOUR SITUATION AND DRAFT AN AGREEMENT THAT PROTECTS YOU.Determine if you want to be an equity guy (i.e. get a share of the profits) or lenders (loan them money like a mortgage since this will be at a higher rate).Biggest risks in these deals are usually:1) Getting contractors that bill you way more than their quote (sometimes justified and sometimes not)2) Soft costs especially if the project doesn't fit the city planner's "envelope" and you need some permissions3) Getting subs to show up on time4) Taking way too long to get a final and then the market gets soft (you may have to rent instead of sell).

If you can work the system to qualify (or avoid qualifying) as a dealer, that’s totally up to you and your tax planner.

I also believe if you're getting crushed in taxes, you are either; 1) A poor tax planner; 2) Have a terrible CPA; 3) Have more money than most human beings.

I have received a lot of advice, I know people from a lot of different areas around STL, and I know a retired city planner and landlord who has a wealth of knowledge about STL/IL. 

We allow them to model their own investing strategies using our Real Estate Financial Planner™ software.

Looking for some suggestions ,We will be working on putting 1 hr fire rated wall outside/inside but planner want to close this lobby wall too and we are looking for what other options we could have since this kill view and will not look good from aesthetic point of view. 

Very good commercial RE brokers who deal with developers can be a good first stop to.. and then of course your always welcome when the courthouses are open to just go in make an appointment with a planner and look at things over the counter you can learn a lot there. 

I recommend that you reach out to a fee only Financial Planner who can provide you with holistic financial planning advice that encompasses your complete financial picture which includes tax planning, financial planning, cash flow management, debt management, education planning, retirement planning and estate planning.

You want to see an actual permit, worse case, you go to BDS (the planner office) and request to see it. 

City planners could inform you.