I have a lot of skills and knowledge on the rehab end of things that I can bring the table for a potential partnership, how ever I do not have much capitol.

Anyone with knowledge of this area, do you have an idea of what is a reasonable expectation for a builder to pay for vacant lots in these areas?

In saying that, depending on your level if knowledge, option 1 is probably a better one. because $3000 is not enough of a buffer to service the property if you need to repair things.

New to Multi family I would love to connect with a knowledgeable mentor.

Build a strong team of knowledgable people around you and watch your business grow!

@Jay Hinrichs thanks for sharing your wealth of knowledge here on BP. 

My involvement would become worthless.If the investor stays off the note but gets 6% + 50/50 of the remaining profits than it would be fair. 

Anyone with knowledge of this area, do you have an idea of what is a reasonable expectation for a builder to pay for vacant lots in these areas?

And it sounds like you serendipitously had gloves on throughout all this --even blood-borne illnesses can't pass to you if their blood stays on the outside of your gloves!

That could be a great way to find and stay engaged with local investors and opportunities. http://www.biggerpockets.com/alertsYou can also search for other investors in that area and follow their journey on Bigger Pockets here: https://www.biggerpockets.com/search/usersFinally, if you haven't already plugged into the Bigger Pockets podcast, I can't recommend it highly enough - it's been a wealth of education and a huge confidence builder as me and my husband have pursued REI and built our portfolio.Best of luck to you and look forward to following your journey!