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.

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.

Comps are hard to come by - there is a sale for 60k, & another for 90k in 2014 for identical units on the same street, and a 2016 sale for same type of duplex at 130k on the same street so the price is reasonable especially for the market in 2017 for the area. 

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?

You could keep it as a rental, execute a 1031 of your own, or sell it with little or no tax burden.I know that was a wall of text, but this strategy is one that our investors use regularly to defer or avoid taxation when they want to get out of an old investment and into something more lucrative.Anyway, you have options!

You have to regularly inspect it.You might have a moisture problem.

I have used the program on a regular basis for 15 years for many different sized companies, in both the desktop version and online.