First thoughts are finding a way for the tenants to use it for a fee, either rent the space monthly or create a space that can be rented on a per-use basis....or possibly rent to another non-tenant individual for office use of some kind. 

Given the abatement option could you continue to occupy 15% of the building with commercial tenants while the rest of the building is converted or is that a logistical nightmare/ideally are you seeking different long term commercial tenants if you go that route? 

This rule is part of the Securities Act of 1933, which was established to provide more freedom for businesses to raise capital while still protecting investors.Here are the key aspects of Regulation D, Rule 506(c):Rule 506(c) Filing:Allows issuers to broadly solicit and generally advertise an offering, provided that all purchasers in the offering are accredited investors.Requires issuers to take reasonable steps to verify that the purchasers of the securities are accredited investors.Issuers must still file a "Form D" with the SEC after they first sell their securities.The rule effectively lifts the prohibition on general solicitation and advertising for certain investment offerings, allowing companies to reach a broader audience when seeking investment.Accredited Investor Definition:To become "accredited," an investor must meet certain defined criteria regarding income, net worth, professional experience, or size of the entity (if the investor is an entity rather than an individual).

Isn't the whole point of sub-to to gain title with low (or ideally no) out of pocket cost, and get the sellers (hopefully low) rate?

I had large payments on my personal loans due and extra money going out to finish the project, not ideal.

Ideally, I'd like to find a balance between affordability and potential for appreciation.Also, are there any common pitfalls or things to watch out for when buying a multi-family property in Jersey City?

- I guess I could sell the individual units.

I like how even though you rent to the working class individual and they aren't $100K+ homes.  

Quote from @Rud Sev: Hello,I am new to the world of syndication (LP investor) and want to understand how taxes at a high level for syndication as LP before asking individual specific questions to my CPA.Notably, I want to understand how preferred returns/cash flows are taxed, if at all, until the amount invested has been returned.

STR....I can only imagine the groups of individuals who will rent this house on a short term basis.