I would assume that you'd just simply sell each individual lot to the developer at a set lot price such that your cost to purchase the raw land and improve it to buildable lots was worth the proposed profit per lot.  

What did you say in response to that? 

You still want to make sure you can rent the unit at all.

House Hacking is great way to go. 

I was wondering if you ended up going with them or someone else and how it was going?

If the lease is at market rents and the unit is in great shape, it could be attractive to another investor.

@Stuart Udis my thought was to spread the risk is why to partner.

Planner 5DPlatform: AndroidFeatures:Supports both 2D and 3D floor plans.Allows you to scan walls and create floor plans as you walk through a property.Offers a vast library of furniture and decor items to customize your plans.Bonus: Projects can be synced and edited on Windows through their web platform3.

You may have to sell the whole property to access the funds in the IRA or 401k when you retire and for required minimum distributions. 

I recently just added her to my credit so she can get a little boost in her score to help more with the process and yes with the low down payment I don't expect to live rent free but one can dream for now all I care about is owning the property cashflow will come later.