I won't be investing in the riskiest/most supportable asset subclasses such as hotels, and tilt my portfolio the ones that have historically been more stable such as multifamily and single-family housing.

I subscribe to PropStream and Flipster and was wondering if either of these sites you use or you prefer a different program to find distressed properties and generate lead lists?

@Chan Park this can all be handled via phone, pics, preferably narrated video - you shouldn't need to go and see it yourself.

A chunk of my assets is under Merrill Lynch management.

A financial advisor or real estate pro could help you map it all out more concretely.If I were in your shoes, I'd probably lean towards selling and reinvesting into some more diverse assets, or just more properties, but that's just me. 

However, since you put the asset into an LLC, I am going assume you care about asset protection and further this discussion just a bit.My advice to you is to seek out local banks where much of their business is derived from commercial lending.

Have you figured out what market / asset class (single family / multifamily) that you're wanting to invest in?  

You can still do a 1031 exchange foreign to foreign asset.  

Then, each person with money in the deal would get an 8% preferred dividend until they get all of their money back.

There are a few ways you can handle the renovation which all comes to personal preference.