Hi, As a property manager in Chicago, if a client of ours presented us with this situation, in good faith, I could not advise them to rent the unit. 

I think with your faith-based parameters, turnkey would be the safest option as long as paying for property management is ok.

I would imagine the divorce decree does or will read that one of you must try and sell or refinance the home in your good faith best efforts.

For example - you're starting a $100,000 remodel on a propoerty that you have acquired, the Scope Of Work includes basic lipstick stuff like a kitchen remodel, a bath remodel, and new flooring and paint.I would start with a draw of no more than $10k, that is more than enough to get anyone going and it shows your good faith.

The first commercial option was sold to someone else and we are in escrow for the condo one but ready to fold that deal due to several reasons that have made us lose faith that this is a good investment.

The good faith gesture will go far.

Did you not notice it was missing when they sent you the good faith HUD form? 

Think bigger.Blind faith will get you nowhere in real estate investing.

I'm particularly passionate about Columbus, OhioOutside of real estate, I enjoy family, faith, and farming, travel, also a huge veteran advocateExcited to learn and connect with you all! 

A bigger concern is someone who clearly fits the rules as they are written and intentionally acts in good faith, only to have the IRS comb through their time logs and arbitrarily finds some of those time entries invalid and/or inflated.