My only exit strategy would seem to be resale with appreciation bc at $420K purchase price (new build in nicer area), I'd never generate $4200 monthly rent (typically around $1800-1900 here).

You want to talk to your CPA first and foremost you don't want to get in a situation were your deemed a dealer and lose your cap gain tax advantages.that said a take down schedule like this is common in the industry.. although CA usually a million dollar property is not a lot.. vis a vi development ground.. and builder developers there usually stroke a check if needed.I suspect though if your going to sell it in phases.the land would be split into 3 phases and you deed out each phase as he pays if off.. but not individual lots that were your CPA can advise you on dealer status.its common though in these scnerios to have accerlated paymentso you have  3 phases  333k each... you sell first phase for  400k.. second phase for 400k last phase for 200k.. this way you get a premium if he fails to buy the rest of the dirtalso in your contract make SURE you demand that all work product engineering soils geo tech that type of stuff is once paid for your property as well.usually in vanilla real estate transaction on the west coast I don't recommend or see the need for a lawyer but in this case I would find a good real estate lawyer tell him these basic terms and things you need then let him prepare the contract.. hope that helps.. and assuming the dirt is in CA.. of course.

Looking for recommendation for legal and accountant advisement for a lot we are looking to acquire and develop in Laconia/Meredith area. 

Readers are advised to seek professional advice.

As a result - you would be reporting income that you generated in all the states(and foreign).

If you do a "photo" inventory with sheriff, I advise uploading the photos and emailing or texting a link or even mailing a cheap USB with the photos. 

Thanks for the advise.

Can anybody advise ?

He advises me to contact a company called FayServicing if I want to inquire about the house.

I am currently looking for my first deal and seeking general advise in the realm of multifamily properties within the Midwest (preferable Illinois where I am from and currently living).