Sponsor has executed this strategy multiple times, management company specialize in this kind of asset-Does the Asset support the business plan?

With any kind of long term investment (especially real estate) TIME is huge force.

So, to get funding, you probably need some kind of asset based lending where the lending is focus on the value of the asset and the ability of the asset to generate income. 

If you have a handshake/wink-wink kind of deal then you should get a Promissory note at least that outlines the terms of the loan and what happens if it default, who the loan is between, and usually in agreements like this the language is broad. 

What kind of exclusives in the area does the current tenant have?  

But an equity position is not recommended unless they own the dirt or bring some other kind of value. 

Exiting apartments sell for 175 to 500 a unit on the open market with 200 to 250 being kind of the median. and rents on the 200 a unit range about 1400 to 1800 

Definitely understand - its a challenging market right now for rates and getting purchases to cash flowWhat kind of down payment are you looking at? 

Since my tax guy is of no use, I reached out to a friend who works for a different tax group/CPA and this new firm was kind enough to look into my predicament.

Would be nice to know a local GC here in the Tampa area that's seasoned in that kind of a task!