I would say if you don't have a way to buy the property yourself nor the money to do the work.Remember part of something is better then nothing at all.Make sure a good contract is written up, scope of work, and have it reviewed by a Real Estate Agent.All documents reviewed or written up by  a Real Estate attorney.With out knowing the partnership arrangement it is hard to really answer your question.I have done several deals as a contractor!!

The owner of the land is most likely not going to split the land before selling it to us.I prefer not to be a legal partner with that person, as each of us is going to have a different business, but I would like each of us deal with owner of the land and also builders to some extent independently but still harmonically.Without having a formal/legal partnership is this going to happen?

Maybe it's time for a detailed partnership agreement (with some wiggle room) and see what they say.

Upon initial thought we are thinking about creating a Delaware LLC with equal partnership where company profits/loss is distributed to the owners.Does anyone have any advice? 

Utilizing OPM is a plan that I want to pursue and cultivate long-term healthy partnerships to move into BRRRR and MF space to scale.

It was intended to purchase it the form of a partnership.

Make developing those relationships a priority because with the right relationships, you will find the money, experience and partnerships you'll soon need to grow a business. 

Lets call that the :( side.2) And there is the happy side... passive income (syndications, passive partnerships ie medical/dentist offices) and passive losses (depreciation, bonus depreciation via cost segregations common in syndications).

Hi, I’m looking into buying an investment property with a partner that would serve as a recreational property for our families but we would also engage in VRBO/ Air BNB rentals. If we buy this as a 2nd home to take ad...

Having the right spouse onboard is an amazing partnership that will take you very far in life.