I am looking to connect with the investors there as the promotors are continuing to take Asset Management fees to the tune of $450K a year (on top of PM fees) even when their payout to the investors is around $20K a quarter (not meeting preferred) and the overall fund is negative about $450K.

If you are not well capitalized, meaning you can not pay off the loan if called, stay away from sub to.  Yes

Prefer Dayton, Akron, Columbus.Tennessee - is a lower property tax state and the properties cash flow pretty well.  

HOLD & REFI - The improved cashflow (I have one lender saying he could get me into a DSCR loan at 6.5% which would 3x my cashflow) is enticing, but I'm don't want to risk anything especially having been burned once and would prefer to be on the up and up. 

Hard money’s an option if the right deal comes along, but I’d prefer to keep holding costs down.And yeah—reno chaos is a given.

Without the tenant explicitly stating (preferably in writing) you can trash whatever is left, you likely have a requirement to store items left behind. 

Investment Criteria:• “Core” strategy – High-quality properties with minimal renovations or maintenance issues• Stable tenants & cash flow – Long-term leases, steady occupancy• Commercial preference (?)

I always prefer to use a CPA who works with other investors and Realtors such as myself.

All of them but one that paid a preferred return stopped paying distributions, despite the underlying properties doing OK (some collections dropped a little, but not much). 

My preferred market buyers being investors and cash-buyers.