In this instance we have 4 parties involved.

One of the more confusing things for me with RE Investing is the math involved. 

Because you would technically be adversaries on this deal then the SEC would not be involved. 

What I would suggest you asking this group is: track record, the whole team involved, how have they set up the deal incase a downturn comes before the sale of this property, and why the debt is recourse?

If there is grey involved, they tend to settle.

This will be typically in the 15-20% range (on total construction costs) for new construction, assuming you and the investor are not taking on a cost plus contract.Given your limited experience, I am not sure why you would be involved once you sell the lot. 

This involves a few more moving parts, but seems to be pretty common.  

Her maternity leave pay will end soon so it’s either go back to a J.O.B. or have her more involved in the business.

So many good programs out there to get involved in to volunteer your spare time .

But before you make that decision, you need to have a serious come to jesus about what your goals, needs, and deal breakers are with regard to:Time - how much time can you reasonably afford to spend on the investment once it's made, on an ongoing basis Control - are you willing to sacrifice a bit of your return for someone else to handle tenanting, maintenance, and turnover, or do you want maximum control regardless of your experience levelResolve - if you're inclined to be very hands-on, do you honestly know that you will be able to maintain the level of involvement long-term?