Before we had the LLC my brother-in-law died unexpectedly and our jointly owned properties had to go through probate.

Look up owner financing, lease options, subjects to's, and joint ventures.

FDIC insurance goes with that account holder, then you can have joint accounts.Then you need your personal account, never pay personal needs from your business account or the other way around, it can mess you up in an audit.

These are just some knee jerk thoughts.

Bill, since I was knee high to a grasshopper, my father always repeated; "You can make numbers say anything you want."

Those few investors happening to be on here and searching for a post for joint venture partners are slim.

I will be meeting with him in a week to discuss details of the joint venture.

How about you do a joint venture with the land owner to develop the property. 

I recently found a joint venture partner through BiggerPockets and we just signed the contract on our first rental together.  

Something important for you to understand is the Section 121 exclusion which allows you to exclude $250k ($500k if married filing joint) of capital gains on a primary residence as long as you have lived there for two of the previous five years.