The only differences are the allowable loan amounts.I followed your link and it didn't say that the 203k isn't for multifamily, it just emphasized single family homes. 

I would split it and emphasize that going forward timely notification is expected and they will be fully liable in the future.

I went to college, not that it is mandatory, and got a business degree that emphasized real estate.  

I went to college too, not that it s mandatory, and I got a business degree that emphasized real estate.

I just want to (re) emphasize what @Christopher Phillips said in his prior message regarding Coop Owner Occupancy...they want their owners to live there (not tenants).

So many questions that are going to be dealt with in the Operating Agreement and an attorney will have the experience to give you good advice on what is good - and what needs to be changed.If this was a 30-50k deal then i'd be emphasizing the relationship to the operators and you could probably get by without an attorney, but in this case I dont think it matters if it was your own blood brother - 350k is a big first-time investment and its well worth the few hundred dollars to hire an attorney.

I can't emphasize enough that you need to get the Refinance loan process going.  

I went to college too and I got a business degree that emphasized real estate.  

I went to college (it is not mandatory) and I have a business degree that emphasized real estate.  

In NJ you have to be careful not to over emphasize an attractive Cap rate as it can vary and may not support your long-term strategy, e.g. holding for 3 years vs. 10 or 20...