Having a history as a credit analyst I think you'll get what I am about to lay out pretty clearly.1) From a lenders perspective you have "no" experience managing anything close to this size of an operation.

Shariyf Grevious Thanks for your perspective.

Comes in handy for due diligence purposes like in your case or when a perspective tenant asks "how much do the utilities usually run". 

Happy to offer my (non-CPA) perspective.

You should be able to quickly shift to a new strategy.

@Sarah Lorenz @Karen Margrave Thank you for your perspectives on the builder's possible role in this deal.

With any entity consideration, it's always good to consider things from 1) Insurance, 2) Taxation, 3) Legal, 4) Financing perspectives - would be fun to get your attorney, insurance agent, banker/mortgage broker and accountant together in a room and get the lowdown on S-corps, LLC's, trusts etc, to see how they consider each of these from their viewpoints!

I like the "gambling," perspective. 

It also means they can streamline a lot of their processes and you don't waste time and money shifting gears between each stage, accommodating schedules, getting accustomed to new people and communication styles, etc.

Great story and perspective.