Once an LLC is in the situation, it is a whole new world. 

When you invest, it is a good idea to have a 5-10 year hold horizon that you are planning for, not just looking at the immediate situation in an area. 

Your best bet is to get on the phone, get multiple opinions, multiple quotes, and make decisions on the type of build before pulling the trigger.

I recommend talking with an experienced broker who can help you shop multiple lenders  

Is there anything I can do as a partner in the deal to help in this situation while still having the loan in his name? 

This either sounds like a seller looking to "retire" and liquidate his holdings or a Section 8 owner that hasn't kept the property (or rents) up to market levels.So, based on the numbers you're using, what return (IRR, Equity Multiple, or ConC) are you estimating you'll generate over your expected holding period?

I know I already mentioned this, but @Mordy Chaimovitz...If you can get by with lower cash flow and invest for the long-term generational wealth (aka appreciation) in nice neighborhoods, that is the way to go, but it's tough to get by at times -- at least it is for me.Just know everyone's situation is different, and you should do what is best for your specific circumstances!

We give users the ability to edit a post for 10 minutes after posting for those situations where you say something that you realize upon review needs a tweak.

Not knowing your situation, you may or may not benefit from a cost segregation study. 

Aside all that, as others mentioned, you didn't lend enough info to give any specific answer to your specific situation.