This property has a ton of deferred maintenance but I'm purchasing it well below market value and I have a decent budget. 

You picked a great community to join.. have you checked out local comps to gauge the market vibe yet?

I took my thrashing as you know in 2020  I do know some of my clients that sell turnkey have been keeping the houses and doing BRRRR instead of selling them to investors that part of the market has slowed signficantly for many in that industry.

So they used the actual rented data of these companies to compare what rentals should go for in your market.

I'm really looking forward to your blog and hearing about your experiences in these markets.

If market appreciates you can get a HELOC on it or cash out refi in a few years to scale faster.

Like @Chris Seveney said, private lending is a great way to go as well.  

Enjoy live Zoom sessions, expert Q&As, market analysis, exclusive webinars, mentorship opportunities, and real-time property insights.

Study the market.

or3) If I convert the partnership interest into a private UPREIT, then I trigger tax if/when I sell the Shares in the REIT?