It is good to hear that you were able to derive such success for your transaction and inspires me to consider that it may be appropriate for me to dig a little deeper when I come across similar situations. 

. - BP offers some illoinois specific ones here: https://www.biggerpockets.com/store/products/illin...Or check out: http://www.heartlandro.realtor/Member/Login/forms/...Good Luck!

This should be a very common policy down there and shouldn't raise your premiums much, if at all.If he is sharing the profits with you it could be a great way to boost revenue, you just need to be aware of your increased liability. 

There are 4 extra kids there, and both bathrooms have feminine products in them.

Throughout this slightly messy transaction, the plan was pretty much my wife and I would take over property #1 and my parents would get a new house, property #2. 

I'm a transactional RE attorney.

Kevin Meyer FS sells nice products, but I’m not sure they do PM anymore.

Also, to clarify, you do not need a brokers license to manage your own property.I'm sure that being a realtor you would also run across deals and opportunities but the opportunities may focus on single family products since that's the bulk of transactions out there.

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.

Though I have no interest in the transactional job of real estate, these sort of things (doing management, easy access to properties on the market) make getting my license more and more attractive on a practical level.