It's important to read the whole agreement package (note and deed of trust) with the bank to understand exactly what it means before deciding. 

But it's really a package deal.

Other Elements of an Eligible GainThe gain must be of a type that would be recognized as a taxable gain before 1/1/2027 (absent this provision of the law); andThe gain must not be from a sale or exchange with a “related party”.

Would need the bid from the GC and the full credit package to submit to underwriting and see what they come back with.

Our particular package included something called DAY WITH DOUG.

All 3 of those options are in high demand in my area.At this point, I am just interested in packaging up the property and selling directly to the developer.

Additionally, I'll be starting off with a small amount of properties and then slowly building out the portfolio as I gain confidence that the providers I've chosen are trustworthy and provide good packaged deals.Are you going to be visiting and evaluating these properties yourself, or buying sight unseen?

If your friend was expecting only  an interest from his investment, the money would be loan to you, but you guys are sharing profit/loss, thus have an element of a partnership.Your LLC and your friend need to draft a partnership agreement. 

The idea makes sense as does delayed finance, but the small subset of lenders that do delayed finance, nearly none seem to know how the rehab costs are wrapped into the delayed finance package.

The structure is actually more powerful with both elements in place, rather than one being used in place of the other.