I’ve been involved a couple of construction related suits, it’s never fun, and you’re not likely to be happy with the outcome.  

I am familiar with his work, families know each other the whole nine.I financed it with hard money, front loaded the construction contract (So we could get ahead concerning draws) and spotted contractor 15k out of pocket to get through soft cost and get the project rolling.

@Nicole Richards Many of the answers you are looking for can be found here: How to Effectively Conduct Joint Venture Agreements as a Real Estate Investor596231-how-do-i-properly-construct-a-purchase-with-a-partnership591376-create-an-llc-for-first-partnership-best-way-to-do-so526244-taking-on-partner-s-and-limiting-our-liabilitesGood luck!

I have about 30 years of construction management and I held a real estate broker license for about 30 years and I might sound opinionated but I'm speaking from my knowledge and my heart about this. 

To all my insurance agents, Real Estate Lawyers and Experts,General Liability Insurance and Builder Risk Policy are needed during a constructions.

Similarly banks dont like to do commercial loans on properties that are less than 200k (this varies by the bank) because there isnt enough meat on the bone for them to make any money in the form of Principal and interest on the small loan.

if those are lots in a major metro area with a ton of new construction and infill.like Portland or Charleston or charlotte or other really really hot markets.. this would be as simple as sending it to local builders which are the ONLY buyers.if its rural not much activity it takes a lot of time sometimes years to sell vacant land.and given the fact that there is a pressing family need..

I have a background in construction and am able to fix my own property to an extent.

I am going to revaluate/revisit the numbers and will share my revised number with you.Once again, Thank you for your constructive feedback.

Especially when there is constant construction of huge luxury apartment buildings.