All that to say, I'm not sure when they will want to cash in and sell the lot due to the appreciation the subdivision has provided.

This is a physical asset, not paper, and it's providing consistent income.Albeit for your not understanding tax laws and depreciation, I'm wondering why there's a question as to what you should keep.You understand capital gains, but I'm pretty sure you're not familiar with depreciation and loan paydown.

Quote from @Stuart Udis: I am always skeptical of these real estate "gurus" and course providers.

great advice provided - what I will add to this is if you have smokers and its not allowed I would offer to allow them out of the lease with no penalty. 

Spreading funds across 2-3 properties could provide diversification and steady cash flow.

but they don't provide current rent, value, what they have capital wise, etc. 

Provide them proof of your ability to find, fix, flip (or whatever strategy you plan to use), and then start with small amounts of their money.

My latest blog - linked here  "UNDERSTANDING FLORIDA'S EVICTION PROCESS AND LAWS"  provides a comprehensive guide to understanding the legal requirements, timelines, and steps involved with Evictions in Florida.

My point is certain things are learned with experience and 1) acting as GC once does not provide an opportunity to leverage the experience 2) mistakes can be costly.good luckHi Dan,thank you.

Many of these PM's have too much on their plate and are unable to provide you with consistent communication.