3) Regardless of 1 + 2 how and what are the steps to transition away from management company?

And depending on the sponsor, many syndicators can get 50+% yr 1 pass through losses under current bonus depreciation, so while not as efficient as an UPREIT or straight 1031, this type of transition can create significant offsets to gain, while also giving investor more flexibility to choose the right deal/sponsor, and move passive.

He admits he’s in transition. 

It's somewhat both primary/rental so I'll need to rely on the CPA for that...All good points...I do plan on transitioning out so the cash reserve would help, but otherwise, it's a good property so it's been difficult to let it go.

For myself, I’d like to start with flipping 3-5 properties and then transition to BRRRR, but haven’t pulled the trigger.

All of those neighborhoods are relatively metro and public transit accessible and can attract great renters. 

Michael Zuber specifically started investing prior to the 2008 crash, saw it coming and transitioning his assets into apartment buildings.

However, goal is to transition and focus more on real estate. 

The property lower level/basement had egress windows installed which made this transition easier.

The scope of work is too big for us to handle ourselves, and we've always wanted to slowly transition the work/rehab out of our hands and into the professionals, and I view this as the perfect opportunity to do soWithout having a quote/bid for rehab costs, what is our best way forward?