Consult eviction attorney regarding commercial; I'm specifically a residential PM and commercial usually has different rules because of the nature of the investment and occupancy (tenant doesn't [usually] live there)

If however you don't have any specific goal or timeframe, I generally default to "long term". 

I’d appreciate any feedback from those who can offer advice, but I’m also curious about what specific type of attorney or local resource I should reach out to for guidance.I’ve seen references to the Garn-St.

The primary risks at this point would be       1) to your lender, the risk of a margin call.       2) To you; underestimating the true cost of a project and cost overruns      3) To you; legal risk of securities regulations if you partner looses money. 

https://www.biggerpockets.com/forums/51-tax-legal-issues-con...

The other is a smaller operation which does a lot of business in the specific neighborhood the house is in.  

But, since you seem to be implying very specific things, but without being specific.

It is hard to pin down specifically, but that seems to have been a factor in a few of the ARV-Appraisals that I've seen and has impacted the refinancing process.Otherwise, it has been a great market for my clients, great cash flows and repeatability which has really helped as they have scaled.

Talk to your attorney, and if you dont have one, get one - as @Ken M. said, this is highly specific to the state and the circumstances.

However, I'm unsure of the specific areas within these states to target.