Much profit to all of you!

The owner is a friend of the family and just doesn't want it anymore and doesn't care to make a profit. they are very well off anyway. 

Remember, you have to pay for land, const. costs, soft costs, interest carry on your loan, permit and development impact fees, your profit, and fit that all into 120k per door on the unit sale (BTW, 120k per unit walking distance from Chesapeake Bay sounds cheap, but I'm not familiar with the market).

Basically if you could do 2 deals rather than one what would your profit be?

I get paid as the days go by example if somebody books it for a week and they start Monday I get paid that Monday and for the whole week for that customer.I typically charge on one of my cabin $100 a night so it's very profitable better than long-term renting.

Thank youJonCurtis  I would think, based upon the info you gave, but a fixer upper which you could rent out or sell at a profit

To calculate the offer we are missing one more number and that is our profit: what do we want to get paid for the time and effort it will take us yo get the property from the current condition to the proforma we projected. 

If you intend to do a reno, then an appraisal won't matter much since your end profit will be reliant upon your finished product.

Any sort of manipulation other than a 1031 exchange is going to result in a tax consequence although an installment sale or sale of membership interest of an LLC can spread out some of that.However, I think there's one compelling reason to explore the LLC route anyway if the buyer has good financing capability if they do not want to pursue a 1031. 

Offer them a 5-10% profit sharing as tie breaker.