Nonetheless, with your current mortgage rate and solid equity position, it’s definitely worth considering getting a good, respectable tenant in there and watching your equity grow.

At 11-22mph if you’re there for an hour you get a 20-40 cents worth of electricity. 

It's also worth mentioning that I already have a good relationship with a wholesaler in town who knows other good contacts, and I am able to use some of these contacts as good resources for general knowledge and learning how it all works.I recently had to close my business of 9 years, and so instead of getting a W2 job or start some other "normal" business, I'd much rather prefer to have house flipping be my primary source of income. 

Is that worth the trouble trying to convince your partners to change it?

I would assume that you'd just simply sell each individual lot to the developer at a set lot price such that your cost to purchase the raw land and improve it to buildable lots was worth the proposed profit per lot.  

A good agent can help reduce your risk, and that may be worth the 3%.I do agree with Andrew, if your agent hasn't helped you find the deal, nor has he/she provided representation/consultation throughout this deal, you shouldn't feel obligated to provide a commission to them (pending what it says in your existing agreement, of course).

It’s definitely worth exploring these strategies! 

This is not "cheap" but I also think it might be worth it.

New investors get way too stuck on LLC setups and the like when they really don't have anything worth taking, and those with loans have partners that provide some buffer anyway - the bank, who's going to end up with the property if anyone sues you successfully enough to get a judgement, which means it will be the rare attorney who even takes the case. 

I won't ever close on another OOS property without walking it first but that involves paying for lots of flights and hotel/rental car costs if flying out there to make an offers but the $1500 to $3000 would be worth the cost to me to save on future headaches.