Hi James,
Its great that you are looking at all possible options.
I run a small building and development company. We specialise in townhouses and multi unit sites and our background is joint ventures with investors on these projects.
I have had several experiences with land owners/joint ventures and all have been very successful, provided that everything was laid out on the table first and everyone knew what roles they played.
It can be a daunting experience 1st up but if you engage the right people it makes it all worth while!!
Speaking to the town planning department in the local council is a great place to start and very helpful. These days you can usually source all required information about the land via the internet.
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Baz