Just a real reminder why it's CRITICAL to make sure you have proper coverage and to review your policy at least once a year to make sure it's sufficient.

I'd recommend getting the proper E/O insurance (both for yourself and the Broker), as well as a good amount of General Liability insurance for yourself - but this ends up being peanuts compared to what you would spend if someone wanted to take you to Court over a minor trifle... and had the evidence to prove you weren't licensed to perform the duties of a PM.

This is one of the key components I have learned from developers 30 to 40 years into the business versus my 14 is to assess what it is you are doing, timeline and risk to get to the return you want, and then decide if it makes sense to take on the risk or structure an exit a different way ( or not do the deal at all in any way,shape,or form and move to the next property).  

thank you for your input  I don't have an attorney right now and may not need one if I don't end up selling the property  The Potential buyer does not have the proper contract as they live in another state 

(We currently don't have the budget to develop it ourselves, but that would be the next step. )Any ideas would be great!

Do you have a proper vapor barrier covering the soil?

You may not do the proper analysis if your plan is to rent it out to friends.  

If you run a business it's going to take all of your time, leaving little to develop real estate.

And it's really, really, REALLY common in new developments.

I must've not word my question properly and for that I apologize.