A local couple who’se combined income is 300K and who sponsored the family’s immigration to US is willing to be co-signers for the family of 5.I am thinking that Party2 will put more miles on the house and may be harder to deal with in case of any complaints or eviction, though I am not an experienced landlord so I am not sure what are the factors to evaluate or what all can go wrong?

It’s just like having your 5 houses, only all in one building.

They see foreigners as one-off buyers so they're not too much concerned about building a relationship or their reputation in the eyes of somebody who doesn't live there for that matter.

Quote from @Jaycee Greene: Quote from @Jamie Parker: @David Mares The short answer is to build and develop the area.

It also requires different reporting of that separate interest expense on the K-1 each year so the partners know they have the obligation of tracing that interest expense to however the partner used the distributed proceeds.I typed all this up and realized Mr Brooks has left the building and posted this 6 months ago, but hopefully someone else will find this useful!

I do want liquidity to invest elsewhere which is why I'd like the cash back from the reno ASAP, but I don't need liquidity equal to the value of the house--just the basement build-out, if possible.With option #3--how do you "cash out immediately"?

Possible to maybe build one similar to this with an add on for small business owners and REI's. https://docs.google.com/spreadsheets/d/1xYOKT2eNS588cj6_8jVv2vobAfAhCVUd/htmlview#gid=1221524195

The rent from the other units will allow your to purchase a more expensive property than you could on your own, which could help you build the value of your portfolio (and equity) faster. 

I worked with an agent who was okay but I became an agent myself because I became so interested in the industry and want to help other people build wealth and become investors themselves.

The previous owner took exceedingly good care of the building and there was nothing that need to be done except to raise the rents.