Jumping in is very nerve racking and I'm trying everything I can to minimize my risk, but I guess I can only do some much planning before jumping right in

Wasn't really planning on using an agent but he had showed me a couple deals and so was happy to go into this with him.

We just helped a Florida client with a ballon coming due at the end of the year on a jumbo refi, the borrower had some payment shock so we structured a ten year interest only payment since they plan on relocating within the net 3-5 years.

Question: I was planning on closing the business. 

My plan will be to purchase a vacant land with cash and finance the home build through a private money loan.

Get one as you will receive stepped up basis for tax gain purposes.Next decide with your sister on the plan.  

I plan to live in the house for two years, renovating some.

Sounds like a plan.

I also open a solo 401K plan.

Here in Austin that does require a permit, but those can be obtained with the right planning.