Windsor is a great "small town" that generates good cashflow with moderate chances of appreciation (relative to the CT Market)Granby even a smaller town feel than Windsor, rentals are in high demand and rent prices are high.

However, your investors need to be actively involved in generating their own profits for it to be a JV.

I just want a property under my belt to start generating income from.

For an LLC, you file one partnership return which generates a K1 for each member.

When the tenant is physically in possession of it, there is nothing we can do to start putting the property into income generating service again.We certainly want to provide every accommodation to tenants who have legitimate complaints against constructive eviction etc.  

I am trying to figure out if there is a possible other use of the property to generate some income.

The reason why handymen work for these services is that they have trouble generating income leads themselves.

Partnerships generate K-1 forms for your tax returns so the reporting of income is set.I hope this overview helps. 

For the time that the LLC held the properties, it will have to file a return and generate a K-1 (assuming it was taxed as a partnership and not a C or S Corp). 

Couple that with how little cashflow you'll realistically generate per month and this property just isn't looking so attractive at its current price point.And that's to say nothing of the fairly serious issues you've uncovered.The plumbing will go bad at some point.