While I could have gone lower I am lowering my risk tolerance because I expect a recession in late 2019 to 2020.

You need to minimize upfront expenses because 100% of your investment is at risk and lost if the lot is not buildable.My favorite strategy is to locate the property and tie it up for usually no more than $100 for a period of 8-12 months, analyze it myself and if I believe it to have a chance at being buildable I create a permitting plan and market the property to other investors/builders willing to take on the permitting risk.  

I also would like to reduce the audit risk due to large bonus depreciation. 

However, I don't know from a practical point of view if it's doable 2) Condo vs townhouse vs cashflow: I noticed condos  and townhouses are way cheaper in fort myers FL ( however risk of hurricanes) and maybe more opportunity for cash flow.

(We are working on a generalized survey to collect info on our buyers/potential buyers so we can make sure we understand who our customers are while trying to dial in their preferences and patterns.)You are doing great things. 

My vision is to bring together motivated people to support one another and potentially form an LLC for group projects as we grow.If this is something you might be interested in, I’d love to chat more and see how we can help each other on our journeys.

If it were me, I would like consider refinancing only 1 of the 2 properties now and considering the second later in 2025 or even early 2026 when rates potentially soften.

The shares are represented by certificates sold to investors for the purpose of maximizing value and lowering risks of pooling payments on fixed assets, which allows for increased liquidity, thus aiding the total market.

Any advice on how to navigate this while keeping the deal intact or potential transfer of partners would be greatly appreciated!

I knew I was adequately insured and had zero risk of financial consequences.