We have enough in our account and enough of an equity in our home where we could really start with any type of investment so that’s where it’s difficult to choose where to go. 

Frankly you’d have to be gullible to believe that and if they know you’re gullible then they’re probably lying about other things also, and they’ll take advantage of you, considering they seem to be the type of people who cash other people’s checks.

Working for one in the past, they mostly had LLC's for their different types of investments.

So on the 8 acres you'd ideally want a density of 20 units per acre.

If you are going to do this type of business make sure it is in an area you can visit or make yourself familiar with, you have someone that is representing YOU at the table like your Attorrney, and you don't make decisions based on "we need to wrap this up". 

Affordability..are you approved for a loan (what type) does lender know you are looking at condos?

Do you still screen these types of tenants?

The best comparables will be the most recent but if this type of property is uncommon in your market, you can go back as far as 9-12 months in your 'past-sale' search.

I would really appreciate any feedback on options that may work in this type of arrangement. 

What made you interested in investing in this type of deal?