@Kadisha Petgrave Without knowing more details (how much volume you plan on doing, owner salary/profit split, # of partners and their requirements), I would suggest an S-Corp.

This may be a matter for legal counsel and financing source since you will have to determine how the funds are transferred and who will ultimately "own" the property & building(s). 

@Thomas S.

Before forming a partnership, and possibly before obtaining financing, should I form an LLC/S-corp?

I am also trying to decide whether or not to change the business address to the Florida property for tax purposes.Additional Information: I currently have a small business (s-corp) in Ohio as well as a residential property (which is a personal property, separate from the business).

Originally posted by @Thomas S.

Originally posted by @Jon S.:... do you prefer to prorate the 1st mo rent or change the due date?

Steve S.

In my experience, lenders want more equity in the land loan than the construction loan, percentage-wise.Here is an example using @Scott Krone 's numbers.The lender might want 40% down on your $35k land, so you need $14k for the down payment on the land.

Title company, Insurances, Contractor(s), know the market, know the days on market for properties.Find out from lender if there are monthly minimums, how many loans they're closing monthly, how quick it will take to close, and what they will need from you.You're going to want to operate quickly because the longer you have the money the more it will cost you, so get your ducks in a row.