This is a very different and very unique situation and depending on how long and how bad things get it could be a real test for the sector.

Account Closed If you have the partner's equity account as the main account then contribution and distribution account as sub-accounts, when you run balance sheet, you can easily see how much each has put in or taken out and roll up into the main account so you will also know how much is the equity balance for each partner. 

I bought a vacant lot and had the ball rolling with everything that needed to be done to do a new constrcution, permits approved last week which the company that was financing the build was waiting to start issuing the funds.

Is this worth the closing costs and savings of some money on interest but ultimately to just free up cash and roll into another property?

Now when my realtor says that the closing costs would be rolled in to the purchase price, that would just mean we are financing our own closing costs instead of the sellers actually paying for a dime?

Test those details with real data - don't make a wild guess. 

I've replaced and tested the new alarm already.Their old lease doesn't include verbiage about early termination fees or costs, the new one has a $300 lease break fee... but I don't know if they signed it.

I'm able to do 80% LTV on the ARV per the appraiser, pay interest only for 12 mo and then roll it to a conventional mortgage when the rehab is complete.

Might consider rolling into a conventional to free up your VA.

If you don't, then the property just goes back on the tax roll and another investor can pay.