I don’t think the MF house hacking thing in LA is not suitable for most aspiring investors due to rent control.

South Lake Tahoe is a hot market right now, and CA has statewide rent control. 

In the scenario you are proposing, you are the one with the mortgage and the other partner now has partial control over the property.

Labor bids are best because you control the product.

@Rae Stankowski, based on what you say, I would actually be more concerned about a contractor that cannot control their cashflow.  

Let your passion take control.

So if you have good ones, treat them right and don't sweat the small stuff, control what you can and perfect your systems to define expectations, reward them when they do well (bonus for finishing early, bonus for short punch list etc).

Its currently owned by a non profit and they have indoor climate controlled storage units in place and rented, a store front with tenant in place, a vacant and gutted second floor that could be finished and rented (probably about 2000-2500sqft) and a banquet hall with full kitchen and bar that has a max cap.

Rehab costs spiral out of control very quickly for inexperienced investors 3.

Once you get a signed contract from the seller saying that they agree to sell "you or an assignee the property for" an agreed price, you then have the right to buy, sell, or control the property as you wish, allowing the rules and laws in whatever jurisdiction the property sits.In other words, if your state/ city allows you to "wholesale" a property without any improvements, that would be pretty much your process.