Regarding the OP’s question; I believe partnering or putting some skin in the game would be beneficial but I promise you that the BRRRR method is doable without a lot of skin in the game.

The property next door to mine is actually a part of a mutual easement.

Your IRA makes money from that property's rental proceeds as well as the possibility of appreciation instead of stock or mutual fund dividends and increases in value.  

It is not mutually exclusive from LLC/LP.

A key difference with section 506 investments concerns the products themselves: they are not regulated by the SEC and Investment Company Act of 1940 which governs stocks and mutual funds.  

We plan on doing other boring investments (mutual/index funds, 401K etc) for a bit before jumping into RE, but I want to continue to learn as much possible between now and when that first move happens.

Or if it is possible would it be more beneficial, assuming the numbers work, to refi into a conventional loan?

It’ll be extremely beneficial for you to learn the ins and outs.

We mutually agreed to terminate the lease early and we were glad to get rid of them.  

This plot of land is in the most profitable side of town and if we could determine its acreage, this will be a mutually profitable deal.