Whichever direction you choose to pursue, start networking and building relationships as soon as possible.

Any time, if y'all end up doing something in Texas feel free to give me a holler and I would be more than happy to introduce you to the best in the biz in whichever market you land on! 

Whichever of us provides the management side of the transaction has 51% ownership so decisions can be made.

But again, a loan is limited to 50% or $50,000 whichever is lower.

$540K Purchase Price + $145K Fixes/Updates completed so far -------------- = $685K Invested So Far - $ 50K Portion of the loan paid off so far ------------- = $635K Current Loan Balance at 9% LLC owned, 1st deed of trustTo finish the project: + $140K Additional Rehab Funding Request: - Can Invest $60k to $140k - 1 year term, 12% - No pre-payment penalty - 2nd on the loan* - Interest only payments until sold, or balloon in 12 months, whichever comes first -------------- = $775K Total Loan + $100K My own high estimate of costs for broker fees, closing costs, interest payments until sold (based on her input/estimates), plus I'm adding some Contingency, if needed. --------------- = $875k Total due at closingAfter loan payoffs, whatever profits remain from the sale of the house will be split 50/50 with my RE friend and her partner who are the 2 members of the LLC on the first position of the loan.Thoughts?

Which ever is greater, that's what you go with.I haven't run the numbers, or seen all the information, but I doubt it would be worth your time.

Then decide whichever investment route makes sense to you.

You need to be set up as a landlord with whichever Housing Authority is providing the tenant's benefits.

I would imagine you are going to use a local PM in which event you may want them involved in parts this process.

If they are both gone, I would inspect the apartment, clean/repair, and then charge them for rent until the place has new tenants or the deposit is depleted, whichever is first.