If we partner with a builder I am assuming they'd get a percentage of ownership and at that time we'd let them handle everything dealing with the actual development- land clearing, managing the contractors, as well as all other costs.

if they don't agree, go visit the  auditor, and have your baseline argumentation coming as well. they're very professional overall.sometimes , the best way to understand things is also to understand the exact tax language, word by word.

The Whole Foods/Trader Joes/Starbucks principle works as well.

If you time this well, and develop mid-late Recovery phase, your projects should be coming online right at the height of the demand depending on the market.

@John O'Leary, thank you for the insight it has crossed my mind to hand that task off. 

Cross-collateralizing is also another option.

I am currently interested in getting a multiplex at/around Sweet Home, OR (Portland, OR is an option as well).

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You did so well in Detroit you got out of Detroit!

You could reach out to Kevin Kim at Geraci LLP in CA who's firm does securities and PML law in all states and is intimate with CA, OR, WA, and ID laws as well as corresponding state specific financial institutions governance (in WA it's called DFI or Department of Financial Institutions) and how to navigate their expectations accordingly...