(Not to mention all of the additional rents in subsequent years and leaving the headache behind).

So if you earn a $100 stake in the company, you pay taxes on that $100.I know you mentioned profit sharing, but perhaps there is an opportunity to increase your stake in the profit share and subsequently decrease your stake in the equity share.

In other words, the developer/buyer cannot transfer good title to the land, or any part thereof, to any subsequent buyer until the developer/buyer becomes the owner of the property.

I subsequently found out that they had a lot of detailed information even at the sub-division level, which was accessible from their website.  

Somehow, since that first purchase, I've managed to get better houses at better prices in subsequent deals. 

I have done that before to rehab and increase subsequent rents.

Subsequently, I had to turn to local private money, which is actually much easier to work through as there aren't nearly as many stipulations as there are with hard money and YOU get to dictate the terms. 

Since this is being done within an LLC (as it should), and since there are different classes of membership interests (2 that I can ascertain), there are multiple factors to work out, some of which apply even when there's just one class of membership interest:How initial capital contributions, for each given class, are booked.How subsequent capital contributions, if any, for each given class, are booked.How member loans are booked.How each member's capital account will be handled pursuant to Treasury Regulation §1.704-1(b)(2)(iv), and how reevaluation of said accounts will take place per Treasury Regulation §1.704-1(b)(2)(iv)(f), to conform with §1.704-1(b)(2)(iv)(g).How distributions will be allocated, including profits and losses, along with any resulting adjustment of percentage interests.How tax allocations will be handled - and if the book value of any company property is adjusted per Treasury Regulation §1.704-3, how that affects member allocations.I have not even covered every item that must be addressed (including voting rights, depreciation allocation, cash flow vs liquidation allocations (as in "when we sell a property - who gets how much of the appreciation, but what about the recapture, etc, etc.")).Insufficient information... and it's time to meet my wife for dinner.

At the same time, be aware of the "gurus" who spring up touting ways to circumvent certain laws (such as the due-on-sale clause by use of a land trust which privately assigns its beneficial interest to someone else without properly informing the lender - despite the fact that your contract and federal law requires YOU to contact your lender when such changes occur).Sorry for the initial (and subsequent) rambling...

However, the flip side of that coin is that due to the LONG lag time between payment initiation and receipt (it take 1 week to receive payment) and then subsequent notification of NSF and another payment being submitted with a late fee....the month was half way over before I received payment.