This gave me the exposure to all aspects of a development deal on multiple larger ground up development deals.Your likely job title will be: assistant project manager, analyst, development associate.

I then would spend more money to get the house ready to rent and look into the business side/league aspects of renting a home.Positives - Long-term financial benefit; I would assume that I can get roughly $900 a month renting this home - after taxes and insurance it would be safe to say I would profit $725.

Only the Trustee has the power to sell the property, if that is in accordance with his powers as defined by the trust documents.  

It's mainly a marketing business, so focus on understanding marketing, deal strategies, and running comps before you get into the less important aspects like paint colors and flooring styles.

Since there's several aspects to real estate law, you'll want to ask what's their expertise in real estate?

Communication is important in all aspects of life, especially within the mortgage lending world.

There are almost no aspect of real estate that I have not been apart in my 10 years in the real estate business.

Appreciation is but one aspect of real estate investing and youre banking on that bailing you out of this bad investment.   

As soon as I try to learn one aspect of the process, I find another step that I "need" to understand before doing anything.  

It sounds like you have not yet determined or defined who gets what (how profit is split amongst the partners).