Happy to chat...being a local GC takes out a lot of the risk of the biggest variable for most investors (unpredictable rehab costs) and also allows you to consider more options than the average investor, with your rehab costs being significantly lower.

Find a private lender who would give you that debt for a lower amount.

Your starting depreciable basis should have been the LOWER of what you paid or the FMV in 2010 when you converted it to a condo. 

.- Creative Financing Solutions:Options like subject-to deals, seller financing, and syndications can lower capital requirements and increase your purchasing power while providing flexibility for properties with complex financial situations.4.

Pricing and risk levels are about the same for the same type of stuff in either city.

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 %).

Sherman does seem interesting though because of the lower cost and growth potential.  

It ends when they AND their stuff is removed to the level that allows you to begin the re-rental process. 

As it relates to habitation exposures, it appears that there may be a leveling off in premiums, rates, and deductibles here recently, but there's so many different variables that it's really hard to make a blanket prediction for 2025 (or the future). 

Their ability to recover their money should you default is much lower in this position.