He hopes that the market value of the real property he will realize is $45k or greater, essentially doubling his money.  

Due Diligence and Feasibility Studies - What studies or tests are essential before purchasing raw land?

People always go for the cheapest financing, quit claim in to an LLC and go about their lives, when they've essentially done nothing to protect their personal assets. 

It is super important that you are very knowledgeable about your state landlord and tenant laws, to best prepare yourself for how to conduct your communications, and the essential do's and dont's that will save you in legal fee's if there is a simple mistake made. 

Thorough vetting is absolutely essential in private lending to mitigate risks and protect your investment.Here are a few additional tips to enhance your due diligence process-Assess Their Exit Strategy: Whether it’s a flip, rental refi, or sale, make sure their exit strategy is realistic and aligns with market conditions.

I totally get where you’re coming from, but it seems like more hassle with essentially the same outcome.

Essentially they warm the sellers up and then prime them to sell and then pass the lead to you to close.

So, people retiring to Florida would essentially be out.

Future residents could essentially buy out their units and fund your build. 

You're essentially buying into a partnership with your friend with the partnership owning and operating the property.Now, the financial side of that gets more complicated and would generally include an advanced proforma/financial model that includes a GP/LP equity waterfall schedule that is based on how you and your friend agree that you will pay her and also share the profits.I assume that won't make sense to you right now, but I'll send you a DM.