Now just to share some information with you the market here in Vegas is getting soft and hedge funds are leaving so it is taking a little longer , but nothing like 100 days to sell.

Sounds like 50% of soft costs and the value of the raw land would be your contribution, the remaining being the responsibility of your partner. 

You will be viewed as a soft touch by allowing them to pay late and they will do it again.

For example, a tenants who says the towel bar or toilet paper roll is loose or closet door handle is loose.  

Ok folks I have been a independent investigator for 20 years now. One thing that holds true is that about 95% of the time what people are selling you in order for you to make more money doesn't work in the real world....

Hello, Iv'e been wondering about freedom soft as well.

Nobody in LA can build that cheap, or the finish needs to be ripped and changed by the new owner. 110/sf is for town houses that everyone  wants to rip out the cabinets to put their home depot stock on. 70-90/sf on soft costs, and 150/sf on land (say a 1200 sf is 180k). 

They get'em bust'em down rent them out to well qualified tenants and then sell and manage.  

Is there room for  soft or declining rent?

If the ground is real soft to begin with or you have a basement then it might matter more.