What matters is retained NET.     

However, I was smart enough to retain a $10,000 reserve.

Such environmental due diligence is typically performed by retaining environmental professionals to conduct a “Phase 1 environmental site assessment,” and if necessary, a “Phase 2” and “Phase 3” site assessment.

Common fees will include a set-up fee, a leasing fee for each turnover or a lease renewal fee, marking up maintenance, retaining late fees, and more.

Thanks for jumping into this @Jay Hinrichs- My CPA assures me that by retaining title (not transferring it to the partnership) I can enjoy cap gains on the land profits portion.- All the costs you list are in the $2M. 

Common fees will include a set-up fee, a leasing fee for each turnover or a lease renewal fee, marking up maintenance, retaining late fees, and more.

Whenever someone has a situation requiring specialized real estate expertise and I recommend they retain a professional with the CRE designation as a consultant, they inevitably ignore my advice and instead hope to obtain “free” consultation.  

http://www.biggerpockets.com/forums/56/topics/62430-what-do-you-drive-#2002 hyundai accent2007 Jetta2004 GMCAlready did the dream car thing, all muscle cars and a vette.

@Kevin Nolan  you should look at the Florence/Muscle Shoals MSA, I think you would be pleasantly surprised

You will NOT be able to absorb the builder's commission that they offer to an agent, they just retain that.