The pref layer is a third party institutional player.  

Depending on the state, when someone rents for a certain amount of time, usually 30 days or more, they become long term tenants in the eyes of the law, and they acquire "tenant's rights". 

Basically, flip partnerships suck unless you spend a long time being clear about the roles and payouts, etc.

If yes, how much and how long will it take? 

The tenant wants to stay another 2 years.My other adult properties have often had long-term tenants.

For long-term planning, consider transferring the property into a trust to manage tax and legal complexities.This post does not create a CPA-Client relationship.

Generally, the coverage of the policy will state; “The coverage of this policy shall continue in force as of Date of Policy in favor of an Insured after acquisition of the Title by an Insured or after conveyance by an Insured, but only so long as the Insured retains an estate or interest in the Land, or holds an obligation secured by a purchase money Mortgage given by a purchaser from the Insured, or only so long as the Insured shall have liability by reason of warranties in any transfer or conveyance of the Title.”

So, it will be a long road for me.   

I've seen many landlords that get lucky with good renters for a long period of time, then everything falls apart when they have to deal with real difficulty.I looked up your property on Google Maps, and the street view looks bad.

Is there more long term appreciation possible if you hold the units longer?