The increased risk is generated by the fact that the owners are relying on the validity of the tenancy in common Agreement for their usage rights, and it is possible to imagine legal circumstances under which this validity might be undermined.- If the subdivider or someone with relationship to subdivider sells, a public report must be done.

I'd suggest you ask as many questions as you can, there are a ton of people on here who are knowledgeable in many subjects. 

I'd underwrite the deal as any other - make sure you are conformable with the quality & tenant base. 

Imagine getting 20-40% off many things others have to buy with post tax $’s.Don’t forget that “stepped up basis” if you have any heirs.

If I were you I'd send a quick message to your current lender as well.

I'd talk to more contractors on how to solve the problem.

If you're an accredited investor able to meet the minimum commitment amount required by the fund, I have to imagine you have access to opportunities that are more favorable to you as an LP.

If they’re open to living elsewhere, keeping the property as a short-term rental seems like the more profitable long-term play.If you’re enjoying the self-management and the demand remains strong, I’d lean toward keeping this property as an STR and exploring ways to add another.

In Charlotte, I'd personally on South End, NoDa, Plaza Midwood, Dilworth, Elizabeth, Uptown, or areas a bit further out like Ballantyne. 

I'd be happy to answer any questions if you think that I can be a resource.