What @Ashish Acharya nailed as the issue is that the contribution of that property after the exchange into a disregarded LLC (one member - your tax return and doesn't file it's own tax return) is perfectly fine.  

One answer you should have is the plan to preserve principal. 

I’ll reiterate a few things and throw in my two cents in hopes that our responses collectively will help you nail down the best approach for your specific situation.  

It's lovely natural land...hey, how would you like to have your very own Wildlife preserve?

@Anthony Wick@Linda Weygant hit the nail with the answer.The partnership will report the income to the partner managing the partnership as a guaranteed payment. 

Paying late, but paying, is a nail-biting relationship for sure. 

My group is currently looking for value add opportunities to maximize returns and preserve capital for further expansion. 

Look for properties in this area to understand pricing, and just as importantly, start to nail down rent values.

@Jerel Ehlert thanks for the insight that pretty much nails this down then and I have a full understanding thanks for the heads up it is actually a relief in knowing that I can just go on a month to month even though they marked those out and still exercise terminating the lease with the tenant upon notice.

I always install nail down wood or tile under cabinets.