However, one of the other REITs I invested in quadrupled in price, and as a whole I’m $150,000 positive.  

You could theoretically structure a deal where you are cash flowing negative, but have an overall positive ROI.

You really have a great position here.If your private money runs out or runs tight, then you can explore other funding options like hard money.

Turn this around into a positive feel for the tenants. 

There are a few programs that can do second position financing but typically underwritten based on your personal income.

Also, if you were in our position, what questions should we be asking the lenders to make sure it is a good fit?

If you used a loan to rehab your property and find yourself in a difficult position, doing a straight refi (just paying off the old mortgage) will be easier than trying to pay off the original loan and take additional cash out.

I'd personally never take capital that I am paid to manage without committing my full-time effort to the situation and putting a majority (I reserve the right in the future to make this 1/3rd of my position) of my wealth into the situation. 

If it's an HOA-based one, or has some other deed restriction, get out of the position.

How do others manage to create positive cash flow from MF properties with debt?