Just out of curiosity, why those markets?

I know an LLC is not necessary to invest in rental properties, but I’ve decided this would be a better option for me in the long run.

It's the easiest way to try being a landlord without dealing with tricky renovation projects.

It's time-consuming but comes with a ton of opportunity if you have the time to spare which is why I'm suggesting it.Once you figure out how to acquire, you can decide if you want to wholesale, flip, hold, etc.

Has anyone had experience with contracts or partnerships like this?

Wisconsin is not a landlord friendly state by no means, and after 7 years of being a landlord I am just now finding this out.  

Southern border of the land is Wilson Creek (a large, well established, full time creek with old growth trees)Approx 1 acre of non-recoverable flood zone along length of creekTwo small ponds on the property, which can be filled in to utilizeSmall neighborhood to East of property line with utilities ready and available for project Currently a couple of older homes and barn structures on property (100% liveable and well maintained)Wilmeth Rd is currently expanding down the block to a 4 lane road which connects to Highway 75 in McKinneyLarge developments are underway within a 1/2 mile to 3 miles out radius<4 miles to Costco, ChickFilA, WholeFoods, Cinemark, major hospitalAT&T Fiber and Atmos Gas at front of propertyA water well can be run, if desired, or tap into the city's water (currently on city water and has large main at front of property)A CE firm has drawn up plans for a small, 12 home, 3/4 acres development.

It's not just about the numbers – it's about creating win-win scenarios where both parties can sleep well at night.3 principles I've learned after 4 years in real estate investing:1) Transparency builds trust. 

Regardless, you could hit up your local REIA and get the word out to local agents and wholesalers and start getting on their buyer lists.

Out of COI deals requires marketing dollars.