This type of entity was designed to function at a much smaller level of a corporate entity. 

But all of that has created such a robust mental image for me of what needs to be done on a property.

An analysis should be done for multiple different possibilities / situations to make sure the deal is as robust as possible.

@Shay Reddyblend, extend, amend. you are in better shape then NYC tenants as the city council is in the process of negating personal guarantees that were part of almost all commercial leases (unconstitutionally, and will probably be challenged). first off, i doubt pandemic issues are covered in you lease as force majure. so that is probably a dead end. i am sure it will be a highly negotiated clause in future leases, but not now. the first thing is to do your best to keep the current tenant as i assume your market is not robust with new tenants aggressively seeking space. there are so many questions here.

I submit to you that if you "need" mortgage interest or depreciation to make an investment function then it isn't an investment after all. 

We're fixing roof leaks, broken doors and windows, leaky plumbing, knob and tube wiring, non-functional bathrooms, landscaping - the whole nine yards here, over time.

A good coat of paint can tie mismatched doors together better as long as they are functional and repaired. 

Some companies offer "Functional Replacement Cost".

Rates will be a function of loan size sometimes.

GP fees are not a bad thing, but we need to take them in context.I have no issue with GPs receiving compensation, that's how this business has to function.