The main obstacle is that the lot is  nearly 20' below the floodplain and would require some significant stilts.

So A gets $1k in interest at years end, B gets $500, C gets $5k. 10% is probably a bit high, but you get the picture.Another way is to structure it like a fund, where the main money men get all the profits and distributions until all their initial capital is returned, and then the money men give a big percentage to the 'sweat equity' manager guy. 

My main concern as already mentioned would be cash flow pertaining to the 50% rule.  

Now my main clientele are investors. 

Make sure to listen to all the BP podcasts, read the articles on the main blog and be active in these forums to learn a ton very quickly about any topic in real estate you want to know more about.This is also a great place to meet people that can be assets to your business.

@Rachel Zhang  don't worry about your spelling and all I have almost 6 thousand post and I miss spell in each and every one of them mainly on purpose to piss the grammer police off.if you do not get anywhere this is the one time I would probably get an attorney to write the senior lender and make demands.

We have an office very conveniently located in our town (on Main St.) so it's no problem for the tenants to come in and pay rent at the front desk. 

Make sure to listen to all the BP podcasts, read the articles on the main blog and be active in these forums to learn a ton very quickly about any topic in real estate you want to know more about.This is also a great place to meet people that can be assets to your business.

I do my own paperwork, but I know my lenders and borrowers pretty well for the private lending I do (and my main private lender is a Harvard law grad and contract attorney, so we're in pretty good hands on the documents). 

If you want to self manage and not use a PM it is definitely doable just make sure that you take the time to learn the laws and regulations to keep yourself out of trouble.I think the main question is how does one value their time, is it worth the few dollars per hour one would make doing stuff like going to home depot and meeting with tenants and learning what is legal and what is not.