Hey, Lately i have been getting lots of Raw Land leads in Indianapolis and haven't yet really dived into evaluating raw land.

Sounds like you're getting a raw deal unless your partner is bringing something else to the table.

The thing w/ raw land is you're not generating rent when you just hold onto it or during the time you're building.

I know a lot of investors around here, and most have moved into completely different markets, or they are buying raw land and building for resale. 

The initial idea was to build on raw land and sell following completion.

A few like-minded friends and I are considering pooling our resources and purchasing a piece of raw land in a desirable area (Malibu) and are wondering if a syndication with a LLC shell might be the best entity for this.

I developed raw land and building my own house and doing all of the work myself. 

And it also depends on the situation - heavy backup, obvious raw sewage, and that's the only bathroom is one thing, some grey water and you have to use the guest bathroom is another. 

You can read some funny posts about it here: https://www.biggerpockets.com/forums/70/topics/417171-american-homeowner-preservation-ahp-fund.In April of 2017, I purchased my first 0.5 acre raw land coffee farm parcel with International Coffee Farms Corporation (ICFC) in Boquete, Panama.  

The “little guy,” can sometimes provide you with the raw determination and grind to get it done.