So they held back the 60k from the loan we were given.  

Thomas S may say you can get your rent.. but this is different..Ultimately you are in control of your building because your going to be held responsible for whatever decisions you make.Make the right one. protect your building, safety first. and Florida shelters are still operating so people do have alternate places to go. until all is safe. 

Does selling the condo now come with a big tax hit - as it has been held and lived in for less than 2 years?

A good rental in a good area will build serious wealth if held over a long period of time.  

The more people held responsible for back rent or damages,  the more chances you have of collecting your money through garnishments, or collection agencies, etc.Also make sure you get a Co-Signer whenever possible.  

My daughter had an ownership share in a property held in an LLC when she was 16.

They had held up my release of funds for over a week after signing while they waited for the invoice and then paid it and closed out my account the day they received it. 

Even though your role won't be to raise the money, as a partner in the JV you could be held jointly liable for the acts of your partners in some circumstances. 

We experienced some push back in early May, but we held the rents high because we were coming into the "renting season" of June-Sept which always has lots of demand, so we pushed through.

@Bill Exeter - HI Bill if the previous property on the above scenario was held as a LLC would she need to keep the new property in the LLC to conform with 1031 rules or are there ways around this?