I'm not considering flips because with 2 small children it would add a lot of stress to project manage something so huge.

Just be really careful here. 7% is NOT a good rate for this deal at all, and youre going to have to generate a massive amount of gross income each month to stay solvent.

My project is significant enough that a GC will make a sizable profit even with cost plus. 

I’m not a lawyer so nothing here should be considered anything more than my observations over more than two decades of raising money for my projects. 

I always recommend standing out from the crowd by providing your investor buyers massive value and good, accurate data.  

Dan- my brother and I might be interested in partnering on this project.

This has been discussed in other threads going back for months, esp the number of condo projects now coming online, when you have a building with a few hundred units completed it’s going to have a major effect on the YoY numbers when the whole county new listings are only around 4000 per month. https://seattlebubble.com/blog/2018/06/12/around-the-sound-king-county-sees-the-biggest-gains-in-listings/

My point was a similar situation in PA or TX would be much less taxing...there’s no way to get around CA massive income tax.

I am thinking your worrying about nothing.. when I create HOA's for my new communities I never turn them over to the owners until I am done building 100% of my project out.. last  thing you want to do is answer to a bunch of homeowners :)  then they set up their committees and they make sure everyone keeps the property in good condition etc etc. 

Are you looking for a rental or rehab project?