I do intend to consult a CPA but wanted to have some understanding of possible options before I interview a CPAThanks AM 

@Michael C. wondering what option you decided on.

There are some property management software out there that will list your property and even have options to perform background checks.

Ok refinance is the better option.

My worry is that it is almost end of the month and he still didnt do anything at all on the project.What are my options if he comes on May 1st and tells that he has no money or that he will pay in installments?

Looks like 1031 might be an option.

I was wondering what would be my better option to get a down payment for my next property.

I know it is too late at this point but should you find yourself in this position in the future I would utilize the 1031 exchange option.

Dividing it up into 17 acre lots would be an option as well.

If you plan to use a third option, look there as well.