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.

Now you have a private lender who you can use again in the future.

Then use the proceeds of the sale of the home as down payments on future rentals.

I'm trying to decide if I should actually have her pay rent so that I can show income on the property and it'll help me be able to get future loans due to the rental income?

I want to buy about 20 acres of raw land to build on one day. Do any of you know any banks that do this?