I understand if you want to sell 1 of the lots, but I'm not sure about your concern about paying off the debt so that you own it free and clear. 

@Drew SygitI brought up that question in a post several months addressing the agents of a certain Midwest market (hint: it begins with an "O" and I don't want to stir up their keyword search lol).

I’m new here and just starting my real estate investing journey this year.I live in NY but am looking to purchase multi-unit properties (4+ units) in a growing market outside of the state.Here are a few concerns I’m working through:As a newbie, is it a good idea to buy a property out of state?

If I put myself in the shoes of the outside partner/investor friend, I would be very concerned because: 1) unclear and/or potentially conflicting business plan, 2) even with clarity in the BRRRR business plan, unclear in the viability of pulling it off with these market conditions, 3) the chances of dispute seems very high, especially if you're going to live in. 4 years ago, I went through a  similar thought process when purchasing an investing property with mainly my family money, while considering an outside investor to rehab for higher STR ROI... 

Unless you get a summons from the court, you don't have to address whining.

Consider all the things that could go wrong and see if the lease addresses them: unauthorized pets or tenants, early termination, security deposit, lease violations, late rent, eviction, lawn maintenance, parking, etc.5.

Eventually, you'll come across my market in Kansas City and the cash-flowing properties in my inventory—many meeting the 1% rule and addressing all of your inquiries.

While that may sometime be true, full disclosure to all parties should eliminate any ethical or moral concerns (imo).  

Things will go wrong and you want to address them fast.  

For example, if I purchase a site entitled to 100 dwelling units under a newly formed holding company and the only thing linking me to it is a shared PO box mailing address on the holding entity, the lender gets alerted.