The same is true if you would want to sell it at some point. 

@Ilia Zakharav, There's no problem in selling individual units and 1031 exchanging them as individuals. 

Cogo does fund some deals I have been paid off from refinances they did on properties I had a loan on or owned and was selling. 

And a condo can take longer to sell when you exit compared to a detached home.

We scraped the old house and we build new home, where the houses are selling close to the $1.8M What was the outcome?

Not going to kill it on the rental income, but if you sell it subject to, there is a lot of equity.

Adding and making better could sell or rent faster, but it won't get you more than what the market ARV and rent is set at from other similar comps in the area....and your Interior Design background will help, if you you it mostly as an understanding of cost. 

If you foreclose and take it back then you can resell it later but if you are owed $25,000 and it sells at foreclosure sale for $40,000 you don't get paid $40k.

It could include selling well below market value, giving a majority interest to your partner (like 51%).

You need to make sure that you know what finishes you will be putting in, and what comps are selling with those finishes..