Do I draft the contract price for higher than the actual build price that would include our estimated profit (sell price) or would a separate agreement between the lot owner be sufficient enough that outlines the deal since we don't know the actual sell price until it goes to market?

I’d recommend reviewing your lease terms and following what’s outlined there to ensure you're on solid legal ground.

Great outline. 

You can clearly outline who owns what and how decisions will be made, which avoids headaches down the road.If you’re planning for the future, an LLC can help with estate planning.

Thank you for the insight and outlining it so thoughtfully for me.

Standard procedure should be as follows (and clearly outlined in the Lease):Rent is due the first of the month. 

This will provide a good outline/road map of what you can focus on for your first acquisition.

i didn't even know auctions gave opportunities to actually have access to properties beforehand.Given your line of work, i would say that you are uniquely positioned to work well in the outlined situation.

As you might already know, the guru might teach or give you an outline on what need to be done for DD - but that might not have enough meats on it.

@Fahima Hilal an architect usually only outlines mechanicals, plumbing & electrical on their blueprints.Your contracts should be creating appropriate drawings showing where their stuff would go and submit to city with their permit application.