Plus, it would be a first renovation project, and other properties we may be able to close on are huge projects.

For our second STR, we are currently researching Sherman, potentially / ideally, a less expensive duplex that we could rennovate and self manage from Dallas with workers coming to the area in mind. 

Hi Aaron,It's always challenging when companies go through transitions like this, especially when it involves something as personal and critical as managing retirement accounts.

Property Manager – This is another one I really need help from the bigger pockets community in the local area.

that we’ve learned in our 24 years, managing almost 700 doors across the Metro Detroit area, including almost 100 S8 leases:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

It is our hope no one in Blue Metrix is a victim of such an aggressive business tactic while part of their management team faces such a difficult health challenge.

Also note that my company will possibly either cover closing costs if we sell or provide property management for two years if we rent.

What’s your game plan for managing the park — hands-on or hiring a property manager?  

Last thing, I would strongly consider consulting with a knowledgeable property manager or attorney once you have a copy of the current lease and all of the facts.

Allocate equity based on contributions: you provide the $235K HELOC and management, while your former boss contributes renovation expertise and labor.