Jay, it would be my honor to meet you.  

I would be interested in speaking with someone who knows their business plans.Thanks!

A well drafted operating agreement will address business planning above all else.

The projected sale price will be $180k, with a potential profit of $58k.

Put in a little bit of sweat equity as well.

They will be able to force the sale or just foreclose on those as well. 

Based on what you wrote and what most contracts say you will likely:1) Not be able to back out without penalty.2) Might be able to back out without penalty.3) Not be able to back out without penalty.4) Not be able to back out without penalty.5) Not be able to back out without penalty.If your contract says that the property should be delivered vacant than you should be able to back out without penalty.

The first mortgage would be secured against the whole plot of land.  

Well not if I signed paperwork saying If I break it for any reason I give back the deposit.

This means the crime level shouldn't be high, the median income > $40K - $45K, and there should be enough homeowners in the neighborhood.What else I should care about?