Plus I get to stay there about a month or so and it still looking great.Couple of thoughts with more to follow..1.

Being consistent with you apply your own methodology in filing your taxes probably needs to stay constant though.

I have bought buildings this way. as all the smart people above have stated, think carefully about how you are going to stay ahead of the bank (paying off the loan before the interest rates. kick in) I just funded a new business using a cash advance check.

Do I have to use a RMLO or can I have an attorney draw up the contract and then Close with a title company.

What is your advice to help us ensure this land stays in the family like he wants?

I would like to stay away from the big shops to avoid all the up sell.

If they are typical Govt workers who are just hanging on until they can draw a pension, do NOT buy into any deal that keeps you in bed with them.2) How long are the leases? 

Can you describe the draw process and if I have say when the contractor gets paid?

After a year...Moving forward, assuming you want to stay in the Fannie world and milk GSE subsidized financing for as long as possible, don't do partnerships in quite this way.

Do meetup.com search of Real Estate Investor meeting 30-mile radius from where you are staying.