I think these strategies provide me with great opportunities to apply what I am learning on BiggerPockets, earn passive income, and evaluate my future strategies.  

Just like any new endeavor you're going to want to go into eyes wide open and learn as much as you can beforehand.Please look up investing in Self Storage on the internet - lots of articles, videos, etc. 

The bank is the biggest headache of all in most RE endeavors. 

I'm in the same boat as you looking to make my first purchase in the near future.

Since work has already started, its to late to add the penalty, but think about adding it in for future contracts. 

Many people say they will wait and never end up doing anything.I was in your shoes 2 years ago, couldn’t find what I was looking for in Tri State area so I decided to go to the market as a novice not knowing anything about Charlotte just the research that I’ve done and planted my roots.What I do is I buy for Positive cash flow now not for the future, I don’t even consider appreciation that’s the icing in the cake a bonus.If I can get the positive cash flow/ return I’m looking for now I pull the trigger.The way I see it when the market turns and becomes a buyer market I will be a more season investor and will be ready to bounce on great deals.

It sounds like you are very bullish on the future value of the land, in which case I would just wait it out to see if the equity split improves or tell the lead builder you are considering other offers with better terms.

Also consider the forced appreciation on the property that may allow you to borrow even more against it in the future.

Hopefully to work with on future projects with as well.

Best wishes on all of you RE endeavors!