What type of entity should I use, i.e. family partnership, llc?

Falling into analysis paralysis is the last thing I want to do, and I understand that making mistakes is a great way to learn, but I don’t want to make any mistakes that would prevent me from moving forward with making this into a functioning business for myself and my partner.

It's a function of how active or passive you want to be.It would help you to nail down what type of investing you are going after.

Foremost has a product where you can have what they call a "functional modified replacement cost policy".

My brother and I (he is also an investor) partnered one a house one time,,,it didn't take long for us to realize if we were to remain friendly the partnership had to go.....he bought me out and we never mention that house,,,,things go much smoother that wayandy

I would consider trying to work out a partnership agreement in that you split any profit you can get above and beyond $1.8 million with you aggressively contacting the developers in your area etc.One thing to note though is a property like this sounds like any developer would want significant surveys, environmental studies, etc in advance of closing a purchase which might limit what can be done in 90 days.Hopefully others jump in to help you out

Also, I am interested in possibly forming partnerships with other investors in acquiring Multi-Family units with the goal of turning out decent cash flows.

It was functional however I can improve it.

I’m also in a couple of REITs, and a partnership that owns a SFH in a ski resort area of Canada.

I would focus on getting the highest function for the lowest cost as I don't belive you will be able to achieve a large payback.