@Suhail Shakir I think the question that needs to be asked is what risks is the investment LLC open to and are you comfortable retaining those risks( self insure). 

Of course, you may just have to retain/improve the existing wetlands.

I don't think you could find a lawyer to touch this unless you're paying a hefty retainer to compensate for the poor guy knowing he's gonna lose. 

You really need to walk through a neighborhood both in the daytime and night, to get a good idea as to what you're getting into.I've owned 50% deals which proved to be huge losers because the neighborhoods declined and I couldn't retain decent tenants.

Retain a commercial real estate attorney to advise you on your options.

In other words, if the buyer fails to pay, the seller keeps all money received, plus the seller keeps the real estate.The seller takes a risk selling by land contract because the seller does not receive the full purchase price at the time of sale, but a forfeiture right protects the seller from a buyer who fails to pay allowing the seller keep payments and a usually large down payment made by the buyer while retaining the property to offer for sale to someone else."

It is not just the 10% penalty for early distribution that would apply.There may be significant advantages to keeping that money in a retirement plan and investing, whether you decide to retain the current tax-deferred status or pay the taxes now to convert to Roth status. 

In a high leveraged scenario, you can do a strategic default and return the property to the bank and retain the money that would have been tied up in the property as equity.    

Just wanting to see who can flex those RE muscles the most. :-)

For the NOI approach you just need to agree on what portion of gross rents each month are retained for capex and develop budgets to make sure everyone is on the same page.