Simply relying on an average CPA or general advice from forums may not be as effective in helping you identify and take advantage of all the potential tax benefits available to you. 

Extended holding of an asset without a potential buyer is very much holding on to hope.

The involvement of onsite management, often seen as a potential red flag, can lead to the property failing crucial qualification tests.

However, I can teach you the business fundamentals, and you could potentially help me with lead generation.

You only have to gather the data one time for every potential buyer. 

Ares (ARCC) in particular seems to have good stability along with high yield.Does anyone here have experience or recommendations on potential investments?

Crawlspace is practically inaccessible. 

Is the 10% pref and 50/50 split fair given the risk and potential reward?

That document is no guarantee that things won't go sideways, however, it should help prevent backlash if/when they do.I'm not advocating this practice but among experienced investors and sophisticated sellers, we have seen it work. 

Repeat that research at the county and state levels. 6 review all info vs your UW and see if there is a land value above $0 that makes the deal work in today’s market. potentially consider a JV project with the property owner after doing the above as a way to make the deal work. it’s not impossible right now based on your question but it is very difficult right now to get the numbers to work