Also for newbies, can you explain how the deal was structured a bit more with your private money?

In Illinois, the  property tax assessors assess the land and structure separately. 

May want to consult a contractor or structural engineer.  

I wish I could figure it out, I love the concept, but we are $150/foot basic type structure-builder grade.   

You get the idea.Then, think about how much overall value and expertise and risk each person is providing and split the equity based on that.For me, the important thing is to structure it so that there are project-level expenses that accurately reflect what it would cost to hire someone to do that. 

I have put about 30 - 40K in improvements and structural improvements in over the last couple years.  

You can't fix structural economic problems with monetary policy.

Generally tax status is established by filing an 8832 or 2553 if electing corporate tax treatment, or by filing an initial return if electing default status.You'll want to run everything by your attorney and CPA as it seems you're going with a semi-complex structure.

How would we structure a profit split if they are wholesaling by contract assignments?

You can have 1 investor and that could be a sale of security if investor is passive and not structured properly.