Uncle GC said that start 16 units is OK Start but preferable 32 units.

Preferably remove it and dry wall over.

Rather than GRM, many folk prefer the %/m gross return figure (In this case, 1.09%/m).

Unless the HML is motivated by the thought of foreclosing to get the house, and most prefer not to do that.  

If you set it up as a partnership, normally, the limited partners (those who bring the money) would receive their money back and a preferred return on investment of 8-10%. 

. :)Any transaction that does not only benefit your IRA or solo 401k plan, but instead you personally or someone you know who is defined as a disqualified individual (e.g., your parents and children, for example) by the IRS will be deemed prohibited.Unfortunately, such transaction would violate the following prohibited transaction:https://www.irs.gov/retirement-plans/plan-particip...

Back in late 2013, early 2014, I joined this awesome group of like-minded individuals.

Thinking what is the catch, a good way to diversify and minimize risk over owning individual units?

In an effort to be efficient and not use a shutgun approach, what are your favorite ways of locating and networking with individuals interested in, and capable of partnering or investing in my deals?

I'd take a pass and go with a post WWII-built property without these serious problems, preferable a post 1975-built place.