I am aware of companies like Pad Split, but would prefer to have a more traditional company overseeing the day to day since I am out of state the majority of the year.

Many investors set up LLCs themselves using state websites or services like LegalZoom, while others prefer an attorney for added protection and guidance.

I've gotten deals and formed partnerships through some very unorthodox connections over the years.To answer your question, it will always depend on the specifics of the deal in front of me but in general I'd still prefer value-add.

In this room, I would have preferred to rip out the existing paneling, and do the electric and new drywall at the same time.

Right, because rather than give the actual correct answer and suffer the blow to your ego that you've been doing something wrong for decades, you'd prefer to take a swipe at my ego.

They are investing 60% preferred equity in MF.

Preferably looking for properties under $200k, but up to $300k.

So I prefer to have more of that in the deal.

Now for your advice about getting rid of CATMAN or CATWOMEN, whatever he prefers. 

Engage an investor-focused realtor/broker in your preferred market (this is not a residential realtor) and start 'tire kicking' the market and properties that fit your criteria.