Couple is divorcing, husband wants to keep the property; wants ex-wife's name off of property/loan. 

That's a house of cards ready to fall down fast. 

All of which nothing will help him because the loan is still in his name. 

Quote from @Robert Ruschak: Would you skip the 700+ single family houses and scale up faster into multi-family?

If he has a $5MM loan in place, what was that used for / is it coming due/ was it short term/ etc.?

@Nick AmDepreciation is a ZERO % interest loan.  

So for the first property which will cost over $1 mil to construct, there will be stacked loans, essentially $280K will come from loan assistance program,( the name is not correct but the same idea).

Small multi-family is hot right now due to house-hacking (low barrier of entry), and future cash-flow. 

@Craig Holland Land is often sold with owner financing, in part because buyers have a hard time financing it, and in part because buyers often only need a short time before they can build on the land and refinance out of the seller loan. 

On the 15th year, the investor and I will discuss together whether we want to sell the house OR continue receiving cash flow.