Building a JV deal with landowner
I have a potential partner who has several lots that are already zoned multifamily/high density and have utilities in place. The person made me an offer to just sell me a lot/lots and for me to build apartment/condo buildings there OR, they proposed we could go in together, build one -unit building at a time, and once built, decide if we are going to keep and rent or sell them individually. This person actually developed half of the street these lots are on and has experience doing this. But today this person is older, set in their ways, and can be an abrasive landlord.
I am more interested in developing with him because of his experience, and the potential of doing not one, but several buildings down the road. I have zero experience building and very little liquid capital. I do have the time, energy and drive to run the whole thing with contractors, the city, etc. if needed. I already spoke to a large builder who gave me a ballpark for numbers and a project they are building for us to visit.
Could you guys/gals provide some feedback on your thoughts on these scenarios, and potential best avenues to pursue?