Steps thousands of builders need to take to cover themselves as states await federal approval of storm-water procedures.

Five builder-developers demonstrate a few of the many ways cash-free and cash-lean deals get done.

Milestone is strictly a development firm, and the lots for the 40 'stacked' townhomes, if secured, will be sold to one of two home building Giants that are regular customers.

In exchange for managing the building and sales of all remaining units in the first two phases, Menke and Hunihan were able to control and profit from land they never owned.

Under terms of a rolling option agreement, William Thomas Homes was required to take down finished lots under a predetermined time line. Because it owned a 50% stake in the land development company, it received the lots for half the retail markup.

Steps thousands of builders need to take to cover themselves as states await federal approval of storm-water procedures.

One of the biggest impediments to doing a deal for brownfield land revolves around future liabilities and who retains that risk.

Builders who develop land need to carry this model further to determine what they can pay for raw land.

The federal government will open bidding on 3,700 acres in Orange County, Calif., this fall, and the real estate community will pay close attention.