By the time it was all over, the court fees, attorney fees ate up the entire EMD and then some --- this seller never intended to sell the house. 

Will you need to sell the property?

If you want to sell this property, you need to let someone inspect it at least once and the discount for due diligence needs to be worth it. 

We need the cash to mostly just tie us over untill we sell the property, so 150,000 is on the upper end; 80,000 and above would probably be sufficient. 

And even if I do not get into the renting business I can make some profit if I decide to sell the property at some point.

The options are, demo the lot, split the lot and then sell 2 lots to the builder or build myself.

Investors Receive "Restricted Securities"Syndication investors receive restricted securities, meaning:They can’t freely sell their shares like a stock.They must hold the investment for a certain period.Additionally, you must file a Form D with the SEC within 15 days of the first sale of securities.

They want to sell the property for $699,000.

I am considering working with a property developer in NJ to buy land, build a duplex/triplex and sell it (6-9 month time horizon).  

I feel its a bs sells pitch right?