Will the money partner be able to protect his/her interest through a security arrangement in the property or in other property?  

The main quality to look for is familiarity and expertise in real estate.

Most good, some bad.So what's the best way to protect yourself?

You want to insure title to protect yourself.

I haven't found any clear answers so I'm hoping there are others that can share their experience or expertise on this.

So make sure you're protected before you fire.Regarding not passing inspection- That can be a crap shoot.

If you switch out to personal name, your insurance policy is no longer covering the rightful owner - you.Also, once it is in your personal name, you have now lost the liability protection from holding in an entity, therefore, you should increase your liability insurance as a covered precaution (assuming you have other personal assets to protect).

Hello EveryoneI'm looking to buy a standard lot which is a buildable (as far as county says) has it's own address, is zoned single family.The wetland on it is isolated and there are many houses around the lot, the neighborhood is established.Seller has a permit from Florida environmental protection, allowing to build a SFR with a plan to keep part of wetland on the backyard.

Protect yourself at all times.

Any LLC structure can provide liability protection - but how you use the LLCs will make a difference.