Hi Shaun, Once you confirm that the site can be rezoned to meet your intended uses(s), you need to run a pro forma that reflects the market conditions and realities for the product you plan to create.There is (or should be) great upside potential in each phase of the trip.

If I did this, I would have to form a new LLC if I wanted to partner with a different investor on another deal.

If I did this, I would have to form a new LLC if I wanted to partner with a different investor on another deal.

If this is someone you have worked with before or someone you trust and have confidence in then you should form a legal partnership including a partnership agreement that clearly conveys what each of you is responsible for and how you will each be held accountable and the penalties in the event that one party is not doing whats expected of them.

Monthly Income:      Monthly Expenses:       Monthly Cash Flow:      Pro Forma Cap Rate:$1,550.00                     $2,248.06                       -$698.06                            2.35%     NOI                   Total Cash Needed      Cash on Cash ROI            Purchase Cap Rate$8,124.00                     $20,349.00                      -41.17%                            2.35%======Financial Projections========     Total Initial Equity: -$334,650.00     Gross Rent Multiplier: 18.55      Income-Expense Ratio (2% Rule): 0.44%     Typical Cap Rate: 2.35%      Debt Coverage Ratio: 0.49     ARV based on Cap Rate: $345,000.00=======50% Rule Cash Flow Estimates=======     Total Monthly Income: $1,550.00     x50% for Expenses: $775.00     Monthly Payment/Interest Payment: $1,375.06     Total Monthly Cash Flow using 50% Rule: -$600.06========Analysis Over Time==========Annual Growth Assumptions    3%                   2%                3.4%Expenses         Income       Property Value_______________________________________                                        Year 5Total Annual Income        $20,536Total Annual Expenses      $28,645Total Annual Cashflow      -$8,109Cash on Cash ROI             -39.85%Property Value                 $407,776Equity                              $111,347Loan Balance                   $296,429Total Profit if Sold            $49,939Annualized Total Return       28%

If they borrowed, then there is a deed of trust (or mortgage in mortgage states) recorded with the county recorder's office which will show the deed of trust, lender and amount of funds borrowed.So to add to all of this, you must first FORM a relationship with these buyers and that takes time, it does not happen over night.

The funds will be held by 1031 Exchange intermediary.Do I have to buy the new property under same LLC "A" or can I form a new LLC "B" to hold the new purchase. 

In your case, you have the best/main reason to form a LLC as you are investing with non-spousal partners.In your case, its necessary since you need, or should have, to have "all" your options/contigencies figured out in advance. 

He submitted a simple LOI and agreed to use a standard NWMLS Form as the PSA if we survive the 25 day feasibility period.  

@Dan Kim Hi Dan send me a DM and I’ll send you a pro forma snap shot the shows the work up you are looking for