There is plenty of planning to be done, which you can invest in. One of the realizations I had with the group I was in was that "we're building a town". What are the town rules? How will disputes be resolved? What happens when someone wants to leave/cash-out? Not to mention planning of infrastructure, how will the land pay for itself, etc. 

 There is certainly a lot to deal with and agree on. I'm lucky that most of what my friend and I want are the same. Pity I'm not in a position to join him if he buys right now.  

 Sweat equity. 

 You reckon he'll sign me up for some indentured servitude? He'd probably like that.  

 The great thing about liberty, is that you are both free to make an agreement. If servitude is what you're looking for, then go for it. Otherwise, make a sensible offer to see if he's willing to be sensible. If not, you've dodged a bullet before it was loaded.