In addition, this building currently is a legal 12-unit building, but after the architecture review and talk with the city, we are submitting a permit application for a 16-legal unit building with the probability for approval greater than 50%.This building is also within 100 meters of a new LRT station to be finished in 4 years.

2 of the 4 units are not permitted per the listing.

b) if you own 50% at end of land permitting stage, what is a good percentage of ownership to ask for in a long-term syndication?

There is a state inspection process and sort of like the way a building permit works, you can track things back to who performed the work. 

I am a pilot recreationally and an aircraft mechanic for my 9-5.

Go to the municipality and see if a permit was pulled.

The scariest part of this is that we're very uncertain if permits will be approved by the town zoning board for heat.

What may be permitted in one city/state would be a costly violation in another city/state. 

It is currently zoned in such a way that no permits for any type of construction can be issued.   

It’s not that difficult or tricky to get permits.