Major foundation changes, plumbing, electrical, etc would likely be off-limits.

It has pretty much run itself without any major issues. 

(I see no major liens recorded, however.)  

Through multiple layers of hearsay, I have learned that the major player here in my neighborhood has stated that he will no longer develop rental units and instead focus on commercial. 

-You mentioned this is a rehab property, depending on the extent of rehab it needs you may find the property is not eligible for some mortgage products. 

The surrounding apartments had major improvements that maximized the space (larger windows, removing hallways and changing entrance, decks, cameras etc)  and created a very nice space.

Most of  the repairs (to me) are more annoyances and inconveniences than major issues.

-However note that for real property the original use must be with the taxpayer or it must be substantially improved i.e. new construction or a major renovation - it does not look like turn key properties would qualify.

I would work with tenants on majorly disruptive fixes.

Co-investor provides majority of the financing and I provide majority of on-site services.