I own 12-doors there (from California) and have a full team in place that assists out-of-state and country investors.We've worked with a lot of Canadian investors over the years and understand the ins and outs.

HOA has a Reserve Study outlining $400,000 in outstanding work that needs to be done between the two buildings and property.

Hi Jose, How is your equity position in the other two investment properties you own? 

That makes sense making the move to a MF is a great choice more doors more cash flow. 

Thanks Jay,I guess the question becomes following @Chris Seveney's comment, which of the two would have a higher weighting in your opinion.

Two Disclaimers: 1.

I wouldn't mix the two, it could compromise your friendship if this turns bad. 

In multilateral NDAs, there are more than two parties exchanging information to do business together.

I updated the bathrooms, floors, kitchen, Mechanicals, sewer lateral, Paint, doors.

Even if that is a possibility, I would continue looking for coverage for two reasons:1. the Mortgage company generally only buys what is needed to coverage their interest in the property (not your equity you've built up)2.