However, it is clear you have an unusual partnership agreement so it is best to consult a CPA.On the other hand, real estate is not a liquid asset. 

This is a great list, and one which really applies to many 'consultant' or 'professional' type services as you mentioned.

I agree with everyone else, it sounds like an attorney must be consulted a more than likely a suit will need to be filed.

If you’re confident in these numbers, it could help mitigate the risk.Exit Strategy: Your plan to refinance after construction is solid, but keep an eye on where interest rates are heading and ensure the cash-out refinance will cover the HELOC without leaving you in a tight spot.It sounds like you're on the right track, but if you're still feeling uncertain, it might be worth consulting with a local real estate professional or financial advisor who can help you analyze the deal further.

Expect to put 30-40% down on the property and then consult a self-directed IRA specialist to make sure you understand all the nuances of how to manage the property and pay for repairs. 

Avoid over-leveraging, have a clear exit strategy, and consult with a real estate agent, attorney and tax professional.Good luck!

I am not beeping harsh as she requested additional eyes which was good and she was receptive to inputs… I consulted on one today that had 95% LTV OO but no PMI, 2% vacancy as self managed including delinquent rent and tenant turnover, a maintenance/cap ex that was based on percentage but was a quad and her allocation was ~50% of my estimate, and no PM even though she intends to move away in a year or so. 

It is recommended that a competent attorney be consulted in any case where legal questions or concerns arise.

Consulting with an accountant who is focused on real estate can help you make the right choice here 

Just echoing others here to encourage you to seek legal consultation.