we just managed to get ong to run all new lines and separate meters for our whole apartment complex at no cost to us. 

Quote from @Jarret Jarvis: Hi Anca,It sounds like your parents are in an exciting but complex situation—kudos to you for helping them navigate it!

I am looking to focus my investing on the commercial space specifically value add apartment complexes.

.- Can't see a Senior-Only complex allowing Short-Term-Rentals (STR).If so, SELL.2) What is the history of Association Fee increases and how well capitalized is the Association for future repairs?

This sounds complex, and if the conclusion you're coming to is mortgage fraud, I would not recommend it. 

When it comes to real estate, here's a general list of eligible assets and their depreciable lifespans that you should know: Residential Rental Property = 27.5 yearsThis includes any building or structure where 80% or more of its gross rental income is from residential units.That means:- Apartment buildings- Single-family rental homes- Duplexes, triplexes, and quadplexes- Mobile homes (used for residential rental)- Any kind of residential lodging facility where the primary purpose is long-term rentalCommercial Property = 39 yearsThis includes non-residential properties like:-Office buildings-Retail stores and shopping centers-Warehouses-Industrial complexes-Hotels and motels that do not qualify as residential rental propertyLand Improvements = 15 yearsThese include sidewalks, roads, fencing, some landscaping, and parking lots that are separate from the building.Personal Property = 5 or 7 yearsPersonal property used in a rental activity usually has a 5 or 7-year life.This includes most furniture, appliances, carpeting and various machinery.Qualified Improvement Property (QIP) = 15 yearsGenerally, this includes any improvements made to the interior of a non-residential building after the building was placed in service, excluding elevators, enlargements, and the internal structural framework.Computers and Related Peripheral Equipment = 5 yearsVehicles = 5 yearsNote that the land itself is not depreciable.

But sure as heck not impossible, it just takes a commitment to learning a very complex detailed facet of business and regulations. 

I was recently sent details about a 20-unit apartment complex that I’m interested in, but the seller's asking price doesn’t align with the numbers I’ve run.

Many real estate agents dabble in property management without fully understanding the complexities involved, making it risky to work with them.

It is somewhat complex to try to explain on a forum, but at a high level, you (aka GP) and your family member (aka LP) would agree on how much the 2 of you would put in for the amount of equity needed (usually expressed as a %).