Investors have no way to ascertain the quality of your lead.

Welcome to BP @Kevin Suzuki.As you thought, the Fair Housing/discrimination laws do differ slightly when dealing with a house-sharing situation where the owner also lives in the house and rents to one other person who is allowed to share in the common living areas of the house.So, the short answer is - yes, you can choose your roommate based on their gender (as long as certain conditions are met), but I suggest doing your own reading/research on the topic to be sure that what you'd like to do is within the law. 

For the life of me I cannot ascertain if this is one of those illegal Contracts or not... and I need to figure out if it is bad news contract, if I can evict, or should I wait until 11 months from now when lease is up?

There are other expenses that can also get added to the basis such as certain closing costs and holding costs during the construction phase, but in general, this is how it's done.The only time you use market value as your depreciable basis is when you inherit property.  

I'm trying to assess if this is something that I want to get tangled up in.As far as the neighborhood, I've ascertained of the 10 lots/properties (all homes are built circa 1959) there are 7 OO.

Plus, with the stock market fluctuating a lot, people on the high end may not feel as certain about how much money/stock they have or will have to purchase an expensive home.

That's not to say you should not profit from your work, but your work has a value that can be ascertained legally and ethically in any business transaction.

Since this is being done within an LLC (as it should), and since there are different classes of membership interests (2 that I can ascertain), there are multiple factors to work out, some of which apply even when there's just one class of membership interest:How initial capital contributions, for each given class, are booked.How subsequent capital contributions, if any, for each given class, are booked.How member loans are booked.How each member's capital account will be handled pursuant to Treasury Regulation §1.704-1(b)(2)(iv), and how reevaluation of said accounts will take place per Treasury Regulation §1.704-1(b)(2)(iv)(f), to conform with §1.704-1(b)(2)(iv)(g).How distributions will be allocated, including profits and losses, along with any resulting adjustment of percentage interests.How tax allocations will be handled - and if the book value of any company property is adjusted per Treasury Regulation §1.704-3, how that affects member allocations.I have not even covered every item that must be addressed (including voting rights, depreciation allocation, cash flow vs liquidation allocations (as in "when we sell a property - who gets how much of the appreciation, but what about the recapture, etc, etc.")).Insufficient information... and it's time to meet my wife for dinner.

Spend your effort vetting your lawyer, not trying ascertain short cuts.  

It would pay for you to do your homework before approaching the owner and ascertaining how much equity is in the property.So let's say you manage to get the property for below market value.