Typically you need to be at least spec, and then perhaps you may want to go wider to ensure that it can accommodate large moving trucks, turning around, & so forth. 

Living in NYC, I have found some houses converted to multi-units but was never legitimately done through the proper channels and the landlords were fined hefty fees.

I need someone to help me get that property properly set up in an LLC and to answer my tax/financing questions. 

In Massachusetts, they allow removal by almost anyone as long as they are properly bagged, tagged and disposed of properly. as far as painting is concerned, don't sand or scrape them.

Given the property is tax delinquent, and has been sitting for a few years at this point i feel would give the owner proper motivation to sell.

I would ensure you know your own criteria with regards to cash on cash, return on investment, and return on equity as good examples.  

However, seeing the business model, and profit share opportunity, just made the decision for me.BTW, I had my first deal in escrow within 3 weeks of being licensed with KW.If you need an introduction to the proper people, just let me know. 

So when you cash refi within the entity, you will have enough basis because of your refi loan to distribute the cash out of the entity without triggering tax if structured properly. 

But since one LLC is not the parent of the other (individual stand-alone entities),  we're not sure how to properly account for this transfer. 

Even experienced syndicators look to loan guarantors to ensure that their operations are running smoothly.