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it sounds whacked out, maybe coz it's friday and i can't wrap my head around it. you're giving awaya HUGE chunk of equity and $250k worth of land that you're still paying for, by the sounds of it. i would be saying "buy the land back off me at cost, and you can have what's left over - equity...

here's another scenario. you do nothing, and make nothing. no risk carries less rewards. that said, i don't think you've explained it properly. for example. is the total Dx build $415k? or just one?