I would want to structure it where the GC would have skin in the game, and we would split profits once its sold. 

I obviously want to follow sensitive MA landlord/tenant laws, and also be a good reasonable person. 

Thats fine because they aren't putting any skin in the game.

Good luck.....and go 'skins!

Banks are much, much more sensitive to the changes in interest rates where Mortgage Companies "securitize" their loans by basically placing those loans in "traunches" that act more like a long-term bond.

I feel sometimes if tenants have some skin in the game they are more responsible.

Such legal structures typically cost more to setup initially, but will significantly reduce your annual operating costs if you are engaging in multiple investments, dealing in time-sensitive transactions, or working with an overall portfolio of more than about $75K.

It hasn't been weeks, but I thought it would be quicker since this is a time-sensitive business. 

Really it helps validate my position going forward which is to only look at a) for buy-and-hold, true partnership JVs where the on ground partner has skin in the game, b) notes (and I buy your point on lack of leverage being a problem...but I'm reading up on hypothecation...yes I'm foreign-based but still US citizen so I don't believe any unique tax issues for me), c) fix-and-flip partnerships.

"There is more than one way to skin a cat."