That in mind, my time will probably be best served learning REI rather than promoting funding here on BP. 

So, since this piece of land has a home on it, I found it odd that the SEV value was so low compared to other homes on the street (most of the time they are within the same ranges of each other, as most homes in subdivisions like this were built around the same time and tend to have a similar SEV for taxation).

Bill Exeter is absolutely correct on a great strategy for the patient investor to not just defer but actually eliminate the capital gains tax on a primary residence conversion - where you take a piece of investment property you have and "change it into your primary residence by moving into it.  

First, this is a piece of advice I recently gave to another newbie...  

There is a piece of paper from a fortune cookie posted in my area where I work.  

I'd do an analysis of whether it would cost more to just pay him upfront as opposed to the equity stake but if you have that extra piece of mind and feel he is awesome at managing jobs and you can spend your time elsewhere then I don't see why this isn't a good agreement.3)Check out your comps.

Don't buy into the hype from gurus that there is a "missing piece" of the puzzle that only they have.

Also, some institutions have a promotional rate that is lower for 6 to 12 months.

That piece of advice I got from an old mentor in my old 9-5.

I just got a voicemail about a piece of land that is owned by an Estate.