(I assume this would be another loan, which would be pointless to borrow against your own profits, basically depreciating the appreciated profits by borrowing against it).

In general the best (most profitable) angle, although the most difficult, is to sell the totality of units as a package... which requires everyone to be on board to sell.

Once I get it to that point I can just sell it as is and make my profit, or I can add a 3rd bedroom and a living room to the house and make it a 3 bed 2 bath(1494 sq ft) instead  of a 2 bed 2 bath (1028 sq ft).

So if you are flipping the home, they will analyze each property to make sure you can sell it at a profit. 

The land is definitely not worth $150k and the owner would stand to profit off of this deal more than anyone.

Her initial plan was to sell the farm, retire, and fold the LLC.However, I've convinced her to do a 1031 exchange and reinvest the profits into another property, out of state.A friend and myself are doing all of the leg work for this deal and are planning on putting in some cash of our own.We are in need of a CPA, Lawyer, and a 1031 Intermediary that can help us do the 1031 exchange, as well as advise us on how to properly split up the equity of the property we're going to buy.Additionally, if it makes sense for our goals, she is open to giving us equity in the LLC, as well.Thanks,Spencer

With 25% down payment the property should cashflow about $730/mo in profit (however I don't think it will appreciate much as time goes on).

If you syndicate the deal investors are actually taking an ownership stake in the property, and you usually split the profits with the investor, and may even collect a few fees for your efforts.There are a number of ways this can be structured but here is an example of a deal I invested in not to long ago...

Think about it, you're buying this big building and you not only want to live for free, but also make a profit on it.

That may be a waste of time and money.But there may be a way forward (even a profitable one) depending on your situation.