The mechanism would allow the property to be re-deeded to all of the LPs as tenants in common. 

Most likely all new mechanicals, windows, a fair amount of framing, insulation, etc., etc.

How old is roof, mechanicals, FFE? 

The home needed a lot of work including roofing, windows, siding , kitchen, baths, and mechanicals.

I really appreciate the emphasis on simplicity and clarity—especially the advice about keeping non-operating expenses separate from NOI.

They may not be smoking inside.From the OP's post (emphasis mine):Thank you all for your feedback.

Or is it in a cellar or other mechanical-room area?

- We have 5 to choose from, depending on the property and feedback.On another note, what is your PMC doing to secure the property against squatters and theft of mechanicals?

How will you collect rent when the building's mechanicals are stolen again?

I go to a shop and pay them, because I don't trust my mechanical skills, even with something as basic as an oil change.Any tax preparer anywhere, including franchises like H&R Block, should be able to prepare your taxes correctly.