Since there is no lease, does anyone foresee legal issues with removal? 

Plenty of other smaller companies and projects going on.At $240K you can probably buy cash property around Sherman Denison area. 

Atty:   The mortgage would be unable to encumber the 30% interest because you will not be the legal owner of the 30% thereby you are unable to encumber the 30% of the interest.

It seems most of the bigger roofing companies make all their money on insurance jobs charging $400-$500 a square which would be ridiculous for an investor to pay. 

If we built one of these spec homes (owned as our company), and then did a 1031 exchange under our personal names, is that viable because the parties are two separate tax entities?

Do not rely on it for legal advice.

One thing I'm struck by is no DST company so far has been able to provide their track record.

As far as I'm concerned, I don't really care because I won't advance any money to a company who doesn't always respect their legal obligations towards clients.

Is it a headache or is there any type of legal issues with this method?

That being said, they would likely still require Architectural Plans...The biggest thing with these rear enclosed porches is determining (as based on the City's eyes) if/when they were Legally enclosed, or if they are technically supposed to have remained as an Open porch.