To prepare yourself use this time to educate yourself on everything possible, define your goals, make detailed obtainable goals, start big and work backwards to daily goals on how to get there.

Because the garage on the property is very large and I would like to define boundaries for storage.  

That's not an exit strategy...that's a Risk Control.Flipping, Holding, Lease Options, Land Contracts, Non-Lienable Debt, Equity buy ins/outs, Partnerships, etc...are also not E/E strategies...they are specific ways to execute them.E/E Strategies are defined by how you get your "Money/cash" in and out of deals, with friends (profit and/or cash flow)...not you. 

I would define hot as someplace with a lot of demand and activity... another example, Austin is “hot” and a lot of people are flocking to the city for cool tech jobs and causing great appreciation which is “hot” for investors that dig the appreciation play.

ADA bathrooms, killer outdoor seating areas, I could see abating rent in lieu of their TI allowance as someone mentioned. but am very careful in how I do that so that it is conditioned on their well defined improvements.

The more defined your goals are and how you will use the $, the sooner you will get access to It! 

I am content to keep renting it for now.I would definately buy any house that Freddie, Fannie or any bank currently owned.

Define the goals for short term and long term and you will figure out the answer to your question.

A shared appreciation promissory note (aka a "participation loan") allows you to: a) simply split profits after pre-defined expenses are deducted or b) you could offer a much lower fixed return (e.g., 6%) plus a share of profits.

I would just add that you and your partner have to define everything in writing to each-other.