If you start a JV in name but do not give your partners proper control and decision-making rights and the deal goes bad you open yourself up to serious consequences which can lead to SEC violations with extremely high fines.Lastly, you can offer the project up to investors who have no voting or control.  

They agreed to pay in accordance to the lease and failure to manage to the lease is the #1 reason why landlords fail (Source: American Apartment Owners Assn).Cowboy up and stop having the tenant control your ROI.Best.

Acting as your own GC is a great way to control costs as you embark on this type of project.

And they remain owner and control the funding aspects.

I would also recommend paying attention to the landlord restrictions, rent control and overall laws as it relates to owner/tenant relationships.

But because you rent by the room and YOU SELECTED the roommates (for which the other roommates had no control over), that makes you directly responsible to the other tenants should any harm or damage come to them.  

With proactive communication, they will demonstrate they are in control, and you can rest easy.Start by going to www.narpm.org to search their directory of managers.

My next 3 months are devoted to learning, practicing analyzing deals, etc. 

Given its condition, renting it may not be practical.

I also like contractors that have packets that allow you to pick out the stuff that you want to use for that project, which reduces the quality control process..