However, for now I think just selling it is the best and simplest option.

Sometimes the simplest ways are the best ways i guess.

By far the simplest thing to do is to sell it and buy something smaller.

i would buy a property without central a/c if I could buy it low enough, add central a/c and still achieve the numbers I want. but depending on the part of Norfolk it's in, you may not even have to go through that trouble. in some areas it quite common and acceptable to have window a/c. as for letting tenants supply/install their own a/c, I wouldn't let them. i'm biased against letting tenants install fixtures after some experiences in my mom's rental. it's amazing how people can mess up the simplest task. if buying 10 window units doesn't break the bank and doesn't greatly affect your return then go for it. it's definitely favorable to have a/c in the bedroom from a tenant's view. hope everything works out!

Simplest is to joing him on the note and mortgage, if your credit is good enough.

Rather than beat the ROBS question to death, why not develop some strategies that would allow the beginning investor to get access to his money in the simplest fashion, then profit immediately from it.IMHO, kill the idea of ROBS and do something with your funds that make you money, both inside and outside your 401K, immediately.

Individual tenants can't go there as it's the owner's tax matter and responsibility to make repairs and improvements.For investors, this is the simplest approach, it's just a lease.

4. what is the simplest way to set up to have a legal entity to use private funds for real estate flips?

All ingredients for higher price per square foot when building new.When deciding whether to buy an existing 4 unit, 12, 16, 20 or whatever, break it down to the unit level. 

I have been closing REO deals for five years... from my side of the table (an attorney) the most successful closings are the ones that have certain ingredients:1.