Builders, of course, generally  have their own specific contracts. 

I'm able to get a new sfh 3/2 just under 1700 sqft for $246k with 9k down, hoa $160 and 9k in closing costs covered by builder.

I located some land and found a potential builder. 

Was told about Builders Risk policy and Liability Insurance policy. 

You can get a Builder's Risk policy written for the home that includes liability. 

We’re working on partnering with a residential spec builder we’re we’ll finance the build and split the profits upon selling.

@Briana May - Builders and developers can definitely help and take advantage of some of the offers to help build more affordable housing, but it is typically established businesses, not new investors.What city are you looking to invest in?

Then you can embark on your new career of infill builder extraordinaire!! 

As a builder (built and closed 500+ homes), if you use "price per SF" as a metric you'll get burned.

Another RE related job to investigate is becoming an Onsite Builder Sales Representative.