Use that money to put down on a real piece of property that offers tax benefits, appreciation and less police traffic.

Everyone who touches the property along the way has to do their job, or at the end of the line, you'll have a vehicle with missing pieces, wheels that have fallen off, a vehicle that cannot be trusted and a client who will be shopping for a new PMC.

With your eyes and ears open, get a sense for the market and and so forth.

Looking for some advice if this seems normal for closing costs on this piece of Land my wife and I are trying to buy.

Now they're ears deep in IRS notices requesting that 2553 to confirm S corp, but really....they shouldn't be an S corp at all. 

That's an important piece to know before you look at managing for others. 

They want to sell the notes at par (even ones closed 2 years ago at 8% vs 15% today) which makes it even harder for me to do without the put option, but my thoughts are that they already have the sales channel in place & have already sold that piece of land before, so it is overall a net gain if they sell it.I hadnt considered the extra complexity & especially liquidity from their perspective & needing to account for it, so that is a good point.

@Freddy German, 2 other pieces there: I am not positive, but I believe you need to have 2 forms of direct egress for basement units.

I would keep my eyes and ears open to Denver Heights (west of Walters), Highland Park, and Riverside!

A tenancy-in-common (TIC) is when multiple parties collectively own a piece of property and have assigned use of different units within the property.