Will sit on this one a bit, and pursue other opportunities as they arise in the interim. 

Any sort of manipulation other than a 1031 exchange is going to result in a tax consequence although an installment sale or sale of membership interest of an LLC can spread out some of that.However, I think there's one compelling reason to explore the LLC route anyway if the buyer has good financing capability if they do not want to pursue a 1031. 

I recognize there is tremendous risk in pursuing a development and lots of possible pitfalls, but we hit the jackpot with the location and to us represents once in a lifetime opportunity to remain owners in a prime parcel of urban city property that every person I have consulted with in real estate has agreed should be held on forever given its appreciation potential. 

My goal is monthly cash-flow, and from what I’ve been reading, I should realistically pursue a minimum ~8-12% cash-on-cash return with a 20% down purchase. 

We will definitely get a lawyer involved if we want to pursue this.

Do you know how to analyze deals to know if a deal even makes sense to pursue?

If you want to pursue this, I would suggest that you hire an attorney to discuss. 

It's been rough trying to lock something in, so I have a few avenues I'm pursuing.

I plan on pursuing my certification in 2018.

I never was inclined to pursue wholesaling but was intrigued by how much it is discussed.