LLCs that are owned by both a husband and wife are still considered a single member LLC and a disregarded entity for income tax purposes as long as you live/reside in a community property state, otherwise the LLC is likely treated as a partnership and what you propose would not qualify.  

@Josh Sanders Few things: 4% INT looks way to low.

That doesn't mean micro-managing, but it means keeping them honest.Review Pricing:  You should give all GC proposals a review to make sure the scope is apples:apples. 

I may propose a 3 year option, extendable with additional consideration.  

Taxes $3100.00Offer Proposed. 2 Million plus 10k down. 

I have submitted proposals and it will be reviewed in the coming week.

@Steve Veen:As @Amy Wan said, you need to be very very careful when proposing to bring equity to a deal in exchange for part of the GP equity.

In reading over the city code that covers this, there’s a part that (to me) sounds like if you notify the adjoining property owners and they fail to act within 60 days, then the proposed improvement is deemed approved (as long as you can submit written evidence showing you notified them).

He is interested in working together and we told him we would put together a proposal.   

The proposal would affect ALL 1031s.