It's unlikely your logistics described here will make a LLC worthwhile.

Don't get involved in their personal issues and logistics on how they will pay the rent.  

What is the best way to figure out residual value of development land at preliminary stage, considering as many high project complexities like Duration/Delays, Cost of Finance, Supply chain(Material-Labor-Logistics) price, availability uncertainties?

We're doing a ton of research and completing the logistics around forming the business, but ran across a situation where the managing member are slightly up in the air about. 

The areas we are most confused about are the financing, and the logistics of doing this with the LLC while we live out of state (what addresses do we use, state tax, etc.).We have a decent understanding of how one buys a house and some of the regulatory stuff that comes with being a landlord (certificate of occupancy, etc.), but is there anything we should be especially aware of, or wary of?

Talk to your local 1031 intermediary to understand the logistics. 

In addition, I know for me personally just knowing that I have a regularly scheduled meeting internally drives me to make progress – because I don’t want to be the only person reporting back that I haven’t made an effort to move my projects forward.From a logistics standpoint, it looks like we should meet somewhere in the city or close by. 

Being new to that side of the business, I've got a few logistic related questions for people currently wholesaling in NJ on best practices for closing:-- are you creating an LLC in the property's name that you're then selling to the end buyer?

However, obtaining the permission of heirs is probably a logistical nightmare that makes it cost prohibitive.

Also the loss of auto jobs have came the rise of warehouse/logistics jobs around here.