They could rent out an investment property to a regular tenant but they wouldn't be guaranteed 100% vacancy and a responsible party to look after the property. 

Currently looking for CARPENTERS, ELECTRICIANS, PLUMBERS, ROOFERS, DEMOLITION MEN, WROUGHT IRON WELDERS, TUCK POINTING / SIDING, PAINTERS, GRANITE, CONCRETE, IN GROUND POOL PERSON, CLEANING/DETAILING PERSON, ROOFERS (regular and wood) and possibly some others I'm missing.  

@Brad Fausett Well, I think regular property inspections and getting a lawyer on the case as soon as issues emerged might have helped the situation.

This is an easy answer for me, since in a way, I start over on a regular basis.If I had nothing, and this includes no knowledge, I would start by:1 - learning: A - How money works, B - How to analyze markets (as in zipcodes), and how to then find Micro-Markets2 - Then, I would develop a plan of investing based on the two Core Knowledge Bases above.3 - Next, I find my money, as in cash partners and credit partners, all to be implemented on a project by project basis.4 - Now, I camp out in the market(s) I found in step 1, and invest following the plan I developed in Step 2

I would have visited the apartment building more regularly and kept a list of which units were being repaired and re-rented.

Some sort of routine inspection service would be pertinent.

Seems like this could be a challenge getting $550/months tenants to mow regularly.

@Nathan Waters This sounds more like a syndication than a regular old JV that you could print off legal zoom.

You just use a regular lease,, list it by the room by number,, one person per room, one person per lease, if your renting by the room.

Does the hard money company decide when you eligible for a regular mortgage or will they let you exit as soon as you can , can find a bank to take over the loan that is?