Get some good legal advice on the structure and you go create that community. 

This structure will let you capture the capital gains on the land thus far without it triggering capital gains taxes (assuming you don't trigger any of the limitations on the sale of your personal residence, or the gains are more than the exclusion). 

So structuring the deal like the sale of two of the houses would pay for my mortgage, real estate commissions, demolition and construction of the project, etc... and the rest would go straight to the partner.

Bottom line is I prefer to invest money rather than hoard it.My method is as risk adverse as paying cash for properties but far more lucrative.

Taxes, corporate structures, privacy laws, mortgage qualification, etc, etc. are all areas which differ from the states.Anyway, just wanted to welcome you to the investing community!

Structure it as a bridge for interest only payments for 12 months to 24.

Our plan is to move forward initially with buying single family homes in the Chicagoland area, and then use the BRRRR method to raise the equity in them so that we can grow larger and larger by buying properties with the increased equity seen after each renovation.

Given the different structure of each unit I was thinking it might be better to use the cap rate.

That sounds like a very good way to approach this, how would you structure your offer?

I was introduced to the BRRRR method of investing on a BP episode and I think this is the method I will attempt once I have the money saved.