Wealthy individuals who live off of cash flow, beginner syndicators, family offices, REITs, foreign entities.

I know some of the mechanics are old and will need to be replaced soon, I’m just concerned about a city inspector coming in and making me do costly updates right off the bat, which would cost over $50k easy. 

Keep a collage and send it to the seller and express your concern about the deteriorating condition of the house. title insurance has nothing to do with this. 

Or you are concerned as comingling the personal asset? 

If you're planning to invest in the same market that you would be working as an agent then yes it would be helpful as you'll have more intimate knowledge of that market (prices, local trades, buyer and tenant profiles) and you could potentially save on in and out transaction costs, but there's a reason most beginner investors look outside of NYC.

I have spent a fair amount of time on the BP website reading everything I can get my hands on, including the Ultimate Beginners Guide, which I found to be a great place to start for a newbie.

I have discussed HELOC on this property, concerned with potential high payoff when I sell the property after repairs. 

It's good that you're concerned about successfully paying back your uncle.

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My concern is that what if the existing shareholders don't want to sell the shares, then, will they become a partner in the deal or just continue owning the shares equivalent to the apt sq ?