Identify lot splits along with your primary.   

Consider separate entrances, utilities split, and winter leasing strategies.

If there is a foreclosure and sold for less than payoff how are proceeds split?

Would be cool if I could split the  VA loan and buy two houses in the same year.Resources, experience, systems and networking.

Plan on splitting ... 2 STR and 2 LTR.

Many people say "I know for a fact none of my family has judgments" but family members regularly do not discuss their financial problems with other family members, may be unaware of legal issues and their standing, and there also could be fraud.You should also consider any prior spouses among the parties that ever lived at the property as a marital interest attachs regardless if they were on title unless resolved by express court decree (in which case former spouse should join the conveyance).An attorney is not required - though you will need a properly drafted deed, GITREP form, and affidavit of consideration to record.

My parents took out a HELOC loan on their house, and I managed the property with a 50/50 profit split. 

Because of their background (95% of our residents are recovering heroin addicts) and payor status (50% are paid for by their treatment centers, the rest split between family or self-pay),  standard 1 year leases with monthly payments do not work.  

Or would you like to buy the raw land and split it up? 

For recent purchases: less than 3 years, you probably have to grow with them and think about how can you maximize returns: maybe ADUs, or Coin-laundry or e-pay, renting space on the property for storage, air b and b or mid term rentals, splitting the lots, Tic sales etc... or value add to increase appreciation faster!!