The correct next step is to download your local landlord/tenant regulations and read them front to back.

There is very little short term rentals as Clark county banned it, Las Vegas heavily regulated it, and everyone assumes North Las Vegas will follow. 

I did property management in CA (years back) and I remember there was no rules or regulations.

Start with local regulations.

The term "material amendment" as used herein shall be defined to mean additions or amendments to provisions of these Bylaws which-establish, provide for govern, or regulate any of the following:  (a) voting; (b) assessments, assessment liens, or subordination of such liens; (c) reserves for maintenance, repair and replacement of Common Elements; (d) insurance or fidelity bonds; (e) rights to use of the Common Elements; (f) responsibility for maintenance repair of the several portions of the Property; (g) expansion or contraction of the Property, or the addition, annexation or withdrawal of property to or from the Property; (h) boundaries of any Unit; (i) the interests in the Common Elements:

You keep it for the time specified in your state landlord regulations surrounding "abandoned property".

However if there are specific codes or regulations pertaining to the definition of a bedroom then they would most likely dismiss the appraisal as erroneous. 

And if you don't follow the securities laws, you are essentially guaranteeing the investor's money plus interest since that is their remedy (plus whatever sanctions you get from State regulators and SEC).This is all I do.  100% of my practice is Syndications.

Environmental regulations are only going to get tougher going forward forcing oil heat out of favour in time. 

If you are the new owner(completed the purchase), then you should be able to use Rules and Regulations at the property to determine what can and can't be done and by whom.