I forgot to mention the chimneys/fireplaces are not operational and will only be kept for cosmetic purposes, and I don’t want to spend the money to completely remove them.  

The less conservative is: operate as a finder or co-GP but with very good, conservative counsel to keep everyone in the clear.I recommend you read up on "disgorgement penalties", and make sure the sponsors that are recruiting you have done the same, before jumping into this co-GP/Finder ship.

My 1st was in 1985 until last June I owned and operated the #1 PM company in Indianapolis.

The agreements I've seen basically say you are guaranteed nothing, you could lose all your money, you might not be paid on time or ever, you can't rely on any representation made by the GP, you have no control over the operation and other terms and disclaimers to that effect.

Rent out a unit and live for the remaining year, likely paying oop for a portion of debt service or operating expenses• Holding costs have been recouped, then save remaining funds, after my oop costs, for remainder of the year or until desired saving fund reached7.

Always interested in something that can improve operations.

Whatever you do, if you do partner, get a solid operating agreement signed that lays everything out. 

An attorney can create an operating agreement for you and give you ideas on what to include in your operating agreement.Loans will probably be personally guaranteed, so it doesn't matter if it's in an LLC.

Then - once you're stabilized around 90% occupancy - re enter the markets to secure quotes from Freddie / Fannie / HUD / life companies / banks / credit unions.If it's an acquisition perhaps you put short term debt on the property, re-position the asset, then refinance after you're turned the operation around.

Whether you’re trying to find off-market deals, build a pipeline of motivated sellers, or scale up your operations, there are some game-changing tools and methods that can seriously boost your efforts.I’m really passionate about helping others take their business to the next level, and I’ve seen firsthand how these approaches can deliver results.