This sounds fair to me

This is what hud pays for section 8 housing in your area for "fair market rent". https://www.huduser.gov/portal/datasets/fmr/fmrs/F...Truilia will give you e-mail alerts every time a PM lists a rental for rent in your area so you can compare  price and quality with your own properties.https://www.trulia.com/rent/many property manager companies will have a website listing their available rentals as well so you can compare

I know that time can’t actually be measured and determined, but what can I do to ensure I am making smart moves?

I would sit down with the management team and ensure that both of your strategies are in line.

With the exception of very specific venues like Ren Fairs and the like.I can see something like this working well in Austin where some of the land can't be developed due to zoning for trees; however, it could prove difficult in a smaller town mostly because do you have 10+ businesses looking to even open there?

They do know that we are the owners as we want to ensure that they are being honest with us and don't feel we can do that if we aren't honest with them.

So here are my thoughts:-I don't think it's fair to me to go 50-50 on the cash flow from this property since I'm doing all of the heavy lifting but I'd like to keep the equity 50-50 since he is thinking of it as a retirement hedge.

My process has to fairly quick. 

If I decide to settle with the seller to void the contract we are in now, what would be a fair dollar value to settle (we prefer to settle without any legal actions)?

.$10,000,000 per month.If not the in laws and normal tenants i would go with fair market value for the same size apartment in the area.