Like you, i'd be interested if anyone here has any experience with doing this 'technique'. 

Not all that complicated, really. 

It is complicated because these investments are long-term, illiquid and completely out of your control.  

@Kim A. would say that a great thing any flipper can do is develop their own off-market seller marketing techniques.

Land development can seem complicated, but breaking it down step by step makes it much easier to manage.

@Joel Bayer- I stopped using the BRRRR calculator a while ago because it doesn't handle complicated financing scenarios like this well. 

Frankly I think too many people try and "automate" everything with technology that they complicate things so much that it is hard to manage.Remember you will get older folks staying and they might not want to try and use a tablet.I agree with Michael. 

You're essentially buying into a partnership with your friend with the partnership owning and operating the property.Now, the financial side of that gets more complicated and would generally include an advanced proforma/financial model that includes a GP/LP equity waterfall schedule that is based on how you and your friend agree that you will pay her and also share the profits.I assume that won't make sense to you right now, but I'll send you a DM.

How many folks with complicated entity structures sign contracts containing broad obligations to indemnify and hold harmless don’t even read the language because “it is standard”.

It certainly complicates an easy concept....