Coupling all of these (if capable) will grant the most favorable return.I know some buyers will not be comfortable buying a multi unit and some aren't comfortable with buying a home that requires renovation, and some won't qualify for down payment assistance.

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

The comp house will likely be owner occupied by a couple, both with professional jobs. 

After explaining a couple of options he told me he would rather just partner up with me and be the money partner and I would be the operating partner.

Everyone was just rolling with the punches there for a couple years. 

These should be separate bulleted lists you provide to your borrower so they can send to their title company and hazard insurance broker.Now that you showed an interest in lending with no experience, you will no doubt receive DMs from every crackpot and their brother trying to convince you to lend them money.

Top 3 reasons owners hire PMCs:1) No time to manage correctly2) No time to learn how to manage correcly: laws, documents, processes, etc.3) They're too nice and need someone to "save them from themselves"A good PMC can usually earn their fees by better managing the property/tenant than the owner, thereby:1) Increasing owners net profit2) Decreasing owner's time commitment, stress, headaches, etc.No matter what though, you should always plan to commit a couple of hours a month to manage your PMC.

You COULD make money in as little as 1 week, or it could take a couple of months.

Cost to wait is maybe save couple grand on zoning attorney but could potentially make that up by earning some rent earlier (vs. unused space). 

You have five separate violations that are all grounds for non-renewal, and several of them are significant enough that I would aim for eviction.