It is at least more justifiable for a free and clear property.  

Mary the home, date the rate applies here to free up the equity.

Spenser, Keep It Simple...let the current owner provide you a tenant free property. 

You forgot to mention though, that trying to get local experts to work for free will lead to getting what you paid for.

Totally random, but...

So that means if you're living in it, you are not hacking for free, you're paying your fair share of the rent and some of your tenant's rent.   

When you are ready to close on a property feel free to reach out, I am happy to guide you.

Feel free to reach out to me directly if you have questions or if you want an opinion on an area or property.  

.: Thanks for the insights @Robert Ellis.I'm totally aligned with your views on lowest cost/risk and the idea of basing equity on the valuation of each partners contributions.I'm struggling with how to apportion equity (if at all) based on how my partner is proposing to do the construction financing; my land is collateral for the loan (I retain title vs transferring it or selling it to the partnership), the land is in second position at payout, I'm co-signing the loan, and my partner is not making an initial capital contribution.   

Calling is almost free, door knocking niche lists is pretty cheap but takes a lot of time.