Depending on the jurisdiction, improvements made within one calendar year are only applicable - so you maybe able to continue on beyond the calendar year for compliance purposes.

Developing a fund that permits non-accredited members entails compliance with numerous SEC regulations, including limitations on marketing and communication until a pre-existing relationship is established, usually requiring a minimum of three encounters.

As I have only been on the BiggerPockets team a few months, I cannot speak to the process that occurred at the beginning of development stages for the current release, but I can say assuredly that our team is working to develop a design process that emulates much of what you described, as it is a best practice in strategic planning.

He is an attorney, but also prepares tax returns and helps with compliance for OZ funds. 

@Nolan PeraltaYou are not an attorney so I would recommend having an attorney put the lease together to market sure it's in compliance with local laws and in a way that protects you best as possible. 

One issue of  compliance is the lender needs to send you a 1099 at the end of the year to report the interest you paid. 

From an entrepreneur class I took at Columbia, the professor spoke about how JVs are one of the best way assure success, find someone who has the oppose skill sets.

They always look at the standard issues: (1) closing dates on sale and purchase; (2) identification date; (3) compliance with identification requirements; (4) transaction documents, including purchase/sale agreements, closing statements, exchange agreements and documents, identification form.Partnership issues are the most complex area.

You can rest assured they got a ton of mail right after their listing expired.

Think of all the other distresses:  taxes, liens, tenant issues, code compliance, HOA,......and you'll see that their loan payment (regardless of equity) is just one problem of many.