@Matt Concannon sort of....it's usually 6 months but if you buy it with the proper structure you shouldn't have to wait at all. 

If you can structure it to the pint where it cash flows and makes sense for all parties involved, this is a great way to reach your goal of 10+ units with limited capital.

What I mean by that is, if the profits/returns justify the legal costs, then go for it.A general rule of thumb is over 10 investors, it's going to be a security and warrant a properly structured entity for syndication.

I am going to structure the deal at 8% interest for 3 years, with a balloon payment after that.

The garage is not a health or structural issue and I always point that out during open house viewings so there are no surprises, so I can deal with that being a manual process long term, but I do need to have the air quality checked in the unfinished basement so that if a potential tenant ever did bring up that point, I will already have inspection info present or know what avenues to take if a new inspection is required.

When we purchased the land for our new builds, we were advised that the office and structure was considered a tear down.

I have seen some advisors structure the transaction where the four individuals enter into an agreement whereby they are holding legal title to the replacement property for and on behalf of the four member LLC as its agent strictly for credit/financing purposes, but you would need to be very careful here. 

How should I structure my time until my lease is up? 

The resulting cashflow is split evenly among the partners, as is the equity from the sale (when it eventually sells).One key thing for all partners to understand is that cashflow is only one lever you can pull in real estate investing and, depending on how your partnership is structured, you may also be equally sharing the tax benefits, appreciation, and additional principal created through debt paydown. 

Anyone know an investor friendly structural engineer in north west Indiana?