Run, don't walk, there will always be another deal, and one without a squatter involved....

I am almost always (for the last couple years) involved in a renovation on one of my properties that involves much of my own work, handle maintenance requests, and do most of the repairs myself that come up.

Anyone who owns apartments or understands everything involved could please message me to help me make sure I do everything properly, so I don't screw myself when investing in a potential apartment complex I'm looking at.

I would 100% hire a property manager though, I can only imagine the headaches involved with dealing with that many low income units at one time.

The mortgage payments are behind and there are substantial fees involved in reinstating the mortgage.

Not a hundred moving parts involved is one factor.

@Eddie L Involve attorney in this transaction.

The mortgage payments are behind and there are substantial fees involved in reinstating the mortgage.

And when you take money out of a 1031 exchange the IRS says you are always taking profit out first and not basis.Your accountant would have to be willing to uncapitalize those and then treat them as ordinary expenses which would probably involve an amended return to change the basis, the depreciation schedules, your net ordinary gain. 

The other reason is when you get involved with commercial real estate, you'll also have employees which requires workman's comp, unemployment insurance, etc., and in NY, the rates you pay depends on the number of employees and LLC's separates one entity from another.