We found a PUD to go with the parcel which gives us a boundary survey so I sent that to our architectural/civil firm to see if they can do a quick analysis for lot density.My securities attorney said to look to see who signed the deed transferring things into the trust, but I haven't made it that far yet. 

My firm has several hard money lenders we work with who, as some of the others who have responded, will base numbers on the deal in front of them.

Anyway thought sharing our experience may help at minimum firm up your expectations. 

I firmly believe that is a terrible idea.

Place all "Do's and Don'ts" in the lease and Be firm!

Work closely with people in the community or a marketing firm (depending on the size of your project) to create a formidable marketing strategy.5.  

I thought I needed to add the fact that 80% of the deal is subject to the firm/lenders underwriting but it states that on the POF so is that not necessary?

As you mentioned you don’t have alotof capital, I’d recommend you both first get a firm hold on your finances and start building that nest egg.

Illegal or not, the woman may well be a fine person but it is my firm belief you are being lied to-for a reason. 

Personally, my firm has found a lot of success finding lucrative flips and rentals in North Philly (Strawberry Mansion/Brewerytown), Northeast Philly and West Philly.