I am getting a 5% interest rate, 30 year amortization with no balloon, no prepayment penalty.I am deciding the best way to fund the rehab. 

What formula or criteria do you use to decide whether to flip or to hold?

I dont believe there is any kind of HOA or ruling organization for these group of houses but it has me concerned that if one day they all decide they want to repave the driveway or add lighting or something along those lines, they would try and make everyone chip in and pay their fair share. 

You will need to analyze the developments and decide what you think will be best.) - What markets are good markets for investing/buying large multifamiliy apartment complexes?

What formula or criteria do you use to decide whether to flip or to hold?

I also ended up selling at a loss and decided to move on.  

I decide to sell.  

We were boing to BRRRR in Ohio but decided to hold off on that as we didn't feel comfortable managing it from this far so held off on it.

Based on what you say, your business partner will have Suspended Passive Activity Losses if you decide to pursue cost seg + REPS tax strategy.

Andrew,Interesting idea and offer.Can't decide right away.Let me sleep on it...   :-)Mike