Third (and related to the last point) maintaining your fiduciary responsibility to 2 parties who are actively negotiating with each other - providing useful guidance and market knowledge, without breeching confidence - that is a high-wire act that takes grace and 'intestinal fortitude' to pull off well.Anyway - pay him 5% and make sure he earns it! 

Way to go on making it happen and having the fortitude!

I work with a lot of developers of raw land and as a general rule I find it is an incredibly risky asset that requires a lot of expertise, patience and (often) intestinal fortitude.

Not everyone has the fortitude to deal with student housing, not sure how you feel about that topic? 

@John Thedford  Well, I think the OP coming here and asking how to go about closing this deal shows some fortitude.

Cold calling SUCKS. lol Just make sure you have the mental fortitude to handle all the pissed off people yelling at you and hanging up.  

if the numbers look good and you have the fortitude to hang in there for 15-20 years you might just get a great bang for your buck!

At least you actually had the fortitude to take a swing while others may just critique from the sideline.  

If you do not have the internal fortitude to quickly evict without compassion those that deserve to be evicted you should not be in this business. 

This held me back from scaling earlier in my real estate career and I missed a lot of great opportunities.As a physician, I know you are intelligent, have internal fortitude to succeed, but might not have much time.