Every individual contract is different.

So, you can do a land contract for 12 months, which should allow lender to credit you full value of the land vs the purchase price, but the loan will pay off the land contract, so the lender maintains first lien position.Can't help you with the rest of your question, but you should be able to search for "CPA" here on BP to find experts to reach out to.

I have been listening and tuning into real estate rookie for over 2 years now, I have also been on YouTube university and watching and learning a lot about REI for over 2 years now and I am ready to apply what I know and get started my biggest goal is to get another deal under contract I understnad their will be trial an error but I'm excited about this.

I do not worry much about "hurried or sloppy work" because it is also in my contract that all work must pass inspection, which may include the city / county (for permitted projects), lender and myself.

No I drew up my own contracts and filed the paperwork myself

This has the obvious weakness of the unknown nature of future cap rates, but that's really the heart of your question here.Estimating future cap rate is part art, part science. 

I noticed the market was shifting, so didn't run to get under contract until day 43 of the identification period.

Fortunately, I just call the bank and tell the address of the property I am under contract on, and when I want to close. 

We have a large piece of land undr contract that we'd like to develop for IOS.

My quick opinion is yes, there's money to be made as an investor, but it's not for the faint of heart (or stomach)!