If not, then you really need a strong legal structure stating how these properties will be governed going forward, including management, tenant selection, capital expenses, etc.

Need some advice on the best way to structure this deal that's fair and beneficial for a 3 person LLC/partnership agreement. 

A truly "motivated" seller tends to not really care the amount of earnest money and you could also structure your EM due at end of your inspection period. 

You could structure it where they provide most of the down payment while you handle the management side.

Does anyone know, or have a good idea, about the difference in returns on entitling & developing the land for each scenario, with final objective to sell to a builder to build and sell the structures him/herself.  

Tax structures and mortgage regulations might also shift as canada mortgages are very different.What do you think would happen? 

And how do you typically structure those deals to make them a win-win?

Smart investors first focus on finding quality properties—such as those in thriving areas of Brooklyn or potential neighborhoods around Manhattan—and then reverse engineer the process by improving management, optimizing rental structures, or enhancing facilities to make it worthwhile.

The questions I'm most interested in having answered: - What resources or frameworks were most helpful in structuring and launching your CRE fund?

Quote from @Scott Tennell: For real estate investors who have worked with private money lenders, what strategies have you found most effective in structuring deals to ensure both parties are protected and the funding process runs smoothly?