So in your example your acquisition price couldn't be over $166k. 

But what type of return are you looking at typically when buying a piece of raw land, then getting it shovel ready?

For example; the number of beds allowed in a home type or zone district, or a certain land use in a zone district.

@Dav PohoteThe answer is it depends,Currently you may be much better off at 15 years due to where interest rates are but when they were 3-4% you could have invested the delta between A 15 and 30 year payment and achieved a return better than the interest you were savingIt’s also a personal preference where people like to have less debt and sleep better at night - I am 100% with that being the reason to do 15 %For example for us our primary is 30 year at 3% and we have a rental that we 15 year at 2.5% and reason we did 15 year on it was it matures the year my son will go to college and we did not “need” the cash flow during this time so we were like let’s have it paid off and then it’s cash flow can be used for his schooling or sell it to pay for school.Lots of things to consider and each situation should fit your needs

I don't know what a typical split is, but since they are doing most of the work and taking on the risk of the construction loan, maybe it's a 20/80 split or a 30/70 (30% to you, 70% to them).

For example, a 1/1 occupied by a travel nurse who is gone 12+ hours/day will have much lower utility expenses than a 3/2 occupied by a family with one WFH spouse who is there all day.

What does this typically look like?

You can hear real-world examples of how others have built their investment portfolio and (hopefully) learn to avoid their mistakes.4.

Typically we would make this type of contingency with a kickout clause...the time for notification and performance to remove the contingency. 

I sent you a PM with an example.