I am specifically interested in Anchorage but open to the Mat-Su Valley or even Homer (more on that below).

It now looks pretty bad even though I put a rubber suction mat over it so it wouldn't chip further.

Your overall return can skyrocket if you can more quickly to take advantage of (I mean solve problems for) cash-strapped people.

I am not chest thumping, nor being a door mat, but instead giving her the opportunity to make the right decision.Thanks again to all for your valuable guidance, insight, and honest feedback!

Basically, there is a large blue tarp on the roof nailed down with some strapping (recently), a Pontiac Firebird up on cinderblocks in the driveway (been there a while), old looking curtains in the windows, and the property itself needs some TLC. 

Jonathan, I'm not sure this fits exactly what you are asking but I thought this might be helpful.Raising Money in an LLC or Joint Partnership-Securities LawFull disclosure--I'm a client of Mat's law firm but this article is on a public blog and meant for general consumption and is not specific to clients of their firm.There's a podcast that I've listened to on this subject (not BP Podcast), if I can find it I'll post it here too.  

John, is there any other options we should look into being that we are cash strapped at the moment?

Tie straps will hold up longer.

I operate in Hawaii, where I was living when I got started, and Anchorage and beyond (Kenai, Mat-Su, Fairbanks) as a secondary market to allow for some more flexibility in exit strategies -- I have a couple of flips in progress, a lease option LTR, STR, upcoming multi-fam STR, etc.

I wanted to introduce myself as a long-time listener/lurker but ready to strap down and get ready for the wild ride of REI.