There are plenty of online tools available to help you develop a plan which gives you the ability to track progress.

We are beginning to develop our portfolio so we are open to advice on how everything should look on paper, types of loans, putting current home as biz asset?

If they disagree you part ways with proper notice What is your plan for the security deposit? 

Construction financing will have to be commercial, and the banks I have talked to will only do 70% loan to cost on 5+ unit development (that's a big down payment). 

The property is in an Amazing location in a very fast developing area with a serious need for affordable rentals. 

Are there keywords or anything I am not using properly?

One local investor who is quite well known in the community explained how he cross collaterlized multiple apartment buildings to purchase a piece of land in a great area to develop new homes.

I think my next steps are to find a CPA and attorney to help me structure everything, but that's why I'm here... to learn for myself as much as I can and to find out who I need to talk to and how to properly vet them.

Home prices are high enough that it makes more sense to use that land to develop SFH rather than small MF.

Every time it rains the basement flooded because he did not properly install a drain outside.