I'm not sure I'd have a PM oversee another contractor but I would probably have them involved at some level especially if you are working long distance.

The bad news is that there is no part of the game that's inexpensive, and much of it involves fair chunks of time for approvals. 

Actually, one of these groups is involved in the syndication, so I also plan to reach out to them on Monday.

Most syndication business plans involve a value-add strategy of some sort. 

MLM pyramid  just bad things to get involved with for most consumers. 

When I'm working investors the first question I ask is: "What does your money need to do for you, how soon does it need to do it, and how involved do you want to be along the way? 

However, as you mentioned, this will involve two sets of closing costs—one for the rate and term refinance and another when you eventually cash out refinance.

He has another brother that is part of the Trust and he is okay with what my dad decides; he isn't involved at all but my dad wants to be fair in the situation and it would be fair market value for the property and do everything above board.My wife is a realtor, so we have the benefit of her selling it.

While I prefer to see properties hit the open market as that's often where the most value is realized, I have seen deals that made sense for all the parties involved that did not hit the open market.For returns, commercial investments do operate differently than residential, and the primary difference I see is the emotion vs. numbers of the deal.

Str’s are riskier and much more involved than ltr’s.