Land was fenced with some high brush on it that was pretty overgrown.

If you want to buy it seems that you just need a really good commercial realtor and to brush up on how to analyze the numbers but a good realtor in commercial real estate development (I'm assuming you mean like strip malls and office space and not multi-family residential).

Which leads me to my question: I have interested family members who have static money that isn't doing much for them in terms of investments, but are there any legal/tax issues, restrictions or limitations that come up from a simple family loan to help purchase a property?

I don't think it's worth causing substantial static over it- maybe suggest a more equitable 70/30 split if your manager has to make two trips to collect the rent from this tenant.

The unpermitted space would have new drywall thoughCeilings:I was thinking of drywalling the ceiling, except in the two bedrooms where the drop tile looks alright and can be painted white.Fixtures All new brushed nickel faucets for bath and kitchenCeiling fans in bedrooms and new light fixtures (standard HD) in other rooms.Siding:New vinyl siding to replace the insulbrickElectricalOutlets throughout and checking the service is okay (currently there are two breaker boxes + common box)Utilities Want to ensure water, gas, and electrical can be splitHVACThe baseboard heaters look like they’re in rough shape.

However, since it's me that's doing the painting on trim, I brush-apply all trim paint, and a gallon goes a very, very, very long way in properly prepped and primed interior trim.Speaking of making white wall and trim paint go a long way, Kilz2 primer costs about $15 gallon and an undercoat of that will get a lot more performance out of whatever expensive paint you use, as well as guarantee better paint adhesion.

We have some new players coming on board on the marketing end.. will be interesting to see how they mingle and disrupt the old marketing guard.As just an aside my second job after selling fuller brush door to door and was old enough to get hired was a bag boy at a local small grocery owned by an long standing Italian family.. and man you talk customer service.. and when I walk into MI offices it takes me back 45 years to those days of the owner of the grocery store preaching customer service above all else..

NOT all I don't want to get blasted painting that brush stroke but its far more than it is the good guys.

I would suggest brushing up on the financial, operational and due diligence aspects before even considering investing. 

He does all the work and gives me a static percentage once the house is complete. b.