This will be a TON of work, just to untangle the ownership.

What would everyone recommend for how we declare ownership? 

-I take ownership of the new property and start improving each unit once the current lease is up.

See Delayed Financing Exception below.If the property was owned prior to closing by a limited liability corporation (LLC) that is majority-owned or controlled by the borrower(s), the time it was held by the LLC may be counted towards meeting the borrower’s six month ownership requirement.

The understanding/guidance is that the ownership by IRA FBO Gary Burnett #12121212 will be outlined in the Operating Agreement.

How can I 1031 the land ownership into a 15% share of the entire project?

Property management agreements are also helpful in this regard, and allow you to separate ownership from operations and use an operating LLC to manage multiple properties with different needs that get to compartmentalization. 

I ask because, I’m having a hard time understanding how to structure payment vs asking rental amount vs marketSecond question, scenarios with newbies with troubled credit who happened to acquire a property through a hard money lender, how does their credit impact their refinance chances when the property stabilizes after a year of ownership?

There's many condo associations in Florida that have the same thing, either 6mo or 1yr minimum (some longer) of ownership before you can rent it out.

I suspect (but I could be wrong) that asset protection will require that you transfer the ownership to your LLC, either directly or thru a land trust.There are disadvantages of transferring property into an LLC, so do consult with an attorney.PS.