The goal is to keep these for rentals.I currently own the land personally and am funding the builds with a combination of HELOC and cash - no bank debt tied to these properties specifically.

Here are a few alternatives to consider for your next property:One option is debt-service coverage ratio (DSCR) loans, which are specifically geared towards real estate investors.

You will attract all scumbags in this world and soon find out your repair and legal cost will easily pass your yearly income.

Other ways of using SDIRAs could be to invest in syndications, performing  or non-performing debt, precious metals, raw land, precious metals, mobile home parks, self-storage facilities and more. 

Your main concern should be whether these bedrooms and bathrooms on the lower level are legal and have the proper egress require for fire code and livability.

.- The TL states that those are technically the team's leads and I will owe the 20% if they convert within the year since I was given training (which I was not), lender referal (which was forced on me by the TL even though I work with my own lenders for my clients).Is the above statement true/legal/valid?

Not sure if that is legal but I agree.

If it's a larger debt, I would not offer cash for keys.

If this is a big-ticket item, you might consider legal action against Airbnb.  

And keeps you out of any trouble with debt.