I think if you leverage 70% of it you’re going to seriously cut into your cash flow and personally if I was going to have $7M in debt I’d prefer it to be spread over several projects built slowly.

Call 3 references:  Verify that they work there, or that it is an actual person by asking where they work first, and don't mention who you are until after.  

Becoming a property owner.The hardest part about this right now is underwriting deals, remaining patient and disciplined.Outside of that, the actual details of managing the property are only hard if you do not have systems in place, delegate responsibility, and don't fully comprehend what physical asset investments require-- capex & opex heavy.

I am also looking for in person meetups in the Detroit, Ann Arbor, and East Lansing or Lansing areas.

As a person who has lived in NC & SC and Phoenix, I would highly suggest AZ.

Hard to say one way or another without knowing your personal finances, goals etc., but it seems like a good deal. 

We negotiated a deal with the owner for 20% Equity, we are responsible for infilling the community as well as property management (which we also get paid separately for).

While an LLC can offer liability protection and tax benefits, it’s not essential for a single property—personal liability insurance and an umbrella policy may suffice for now.

You look like the kind of person who is going somewhere.

Thank you for the response!