What role does each investor play in your business?

You can consider requesting during the board meetings that all interactions going forward are done via some sort of electronic communication, but at this point the HOA is asking you assume the role of the property manager. 

Redfin has a smaller presence with ~0.7% of the market according to it CEO and in our area it is preferred by more device savvy techies and had ~2% of MLS role based on MLS.

Your personal tax situation does play a role here as these are passive losses and there might be limitations on using passive losses to offset other income, which means that the loss on your K-1 might not be the amount of your deduction.

Yet the reality of it all.... what may seem logical to one person may seem illogical to another... what you must do is make your journey logical for yourself.... while pivoting the mindset of others, in the direction of being helpful and helping yourself and they will follow...Sorry for a long post, but that's just how I am...

Whatever your answer is, it will get you thinking on if and how to proceed into the commercial real estate world.All that being said, my general answer is YES, it is a good strategy.First step should be to start educating yourself about commercial real estate, how its valuation is based on profitability and not strictly on comps, how to leverage the power of partnerships to get large deals done through syndication, how job and population growth start playing a big role when evaluating markets to invest in, etc. 

I know that most of that information will play a significant role in determining whether the property cash flows well enough, however I’m more interested in the numbers I’ve put in.

Your good reputation in the family must have played a big role for her to take the chance. 

...When you bought it, you took over the landlord role of the former owner, so you have an inherited tenant that is now your tenant and your relationship is as spelled out in the lease agreement.

You need to consult with your attorney and them draw up an operating agreement that spells out each of your roles, duties and responsibilities as well as consequences for not performing, and how the company is to be dissolved if it ever needs to be.