Most negative comments come from competitors, those nitpicking minor issues, or people who haven’t worked with the company at all.

The rehab expenses don't line up but they are not stealing, I would suggest having a zoom call or sit down with their PM or account manager to see what is not lining up and where you see issues compared to what they have on their sheet. 

Not going to help you with the related party issue.3.

And the owner is very responsive to questions or issues (emailed him at night and received a reply within a few hours).  

They use leverage in some of their funds, which can increase returns, especially if they have a low cost of capital (but potentially increase risk and trigger UBIT issues).

In that case, the GP, who was a cheating SOB, issued a K-1 allocating cap gains [§1231 gains] to my Client, who was a minority LP.  

I remember years ago our attorney reviewing one such issue for a client that was coming over to us. 

But if this company Tardus was selling these notes and getting comp .. they are going to have issues if they are not licensed RAs or broker dealers..

The issue is our land value is high, so the structure value is low compared to the overall property cost. 

Any repair issues the new acquisition has you will feel to much greater magnitude due to the property carrying a lot of debt.