The question of running the business in the space is associated with andy SBA loan from what I understand. 

I suggest finding a local investor association and attending the meetings. 

@Corey G.This project would definitely require a discussion between your associate and his licensed tax advisor. 

Or there could be cash boot from the 1031 and the other member gets the cash and the associated tax burden.

I'm really interested in your all opinions regarding condos and associated HOA fees, versus the typical SFR or MFR property. 

A private money lender is a private individual you know or have a relationship with such as a family member friend, business associate, dentist, doctor, etc and they are typically not licensed, they are not advertising or looking for you, you need to find them.

Real estate investing is vast and varied.I'm on the mentoring team of our local rental association.

Some of the drawbacks are the costs (initial licensure, yearly state and national realtor association dues, and perhaps broker expectations depending on your broker). 

The association is made up of 12 units in 2 separate buildings. 

I have been looking for good active real estate investor associations, meetups, clubs, etc. for my business partner and I to attend.