The lay of the land really dictated the lot layout, wanted to do more lots but it just did not seem to be the thing to do back then

Aside from just property's zoning which dictates the quantity allowed, there are the other site requirements and restrictions.As far as efficiency, a small apartment building would likely be the most cost effective for the most units.

You dictate the terms.  

The operating agreement of the LLC will dictate the splits that you mentioned. 

@Zev Dobuler the distance between locations almost dictate multiple attorneys even within a national firm.

@Zasha SmithThe first question is that do you want to be passive or an active investor which is dictated by how much capital do you have to work with.

He wrote a report that sounded like it was dictated by the manager   (because it made reference  to things he couldn't possibly know). 

As a self proclaimed control freak I can't stomach investing heavily in stocks and letting outside forces dictate my wealth 

You will still be able to dictate who you rent to based on credit score, criminal background, landlord references, work history etc..

Depending on your city, your neighboorhood, and the restrictions/ complaints that come with it, it can dictate your time schedule for better or worse.