Do not confuse these things. 

The other option is that you purchase the land yourself, find out if you can subdivide that property - wait a few years to get the subdivision approval, and then sell the other portion without forming a partnership.I'm a little confused you mentioned "I would like each of us deal with owner of the land" - who is buying the land?

I am planning to assign contracts to fellow investor, but still confused if there is something that needs to happen with the contract before it gets assigned.

I guess the source of my confusion is that I'm not sure how easy or difficult it is to rent a house in my area with a relatively high rent (upwards of 4k a month).

What was confusing to me was that the language specifically spells out you can’t lend to an LLC you owns a >50% of.

I'm confused by the question.   

Young ones smart with tech like @Kurt Lane capitalizing on the confusion the older players are experiencing and can pick up a few places from tired LL's.

I know it's a confusing subject so I'll try to illustrate it below.

So I was a little confused.

I'm sorry if there questions are dumb but a lot of this stuff I have been reading can get confusing.