You can also partner with others ... and might require some legal structure around it. 

Are there any significant plumbing, electrical or structural issues you'll have to address eventually?

Have an understanding of CRE commissions and how to structure them appropriately. 

Im trying to research the best way to structure the deal, and I am hoping that someone who has done a JV could chime in about how they structured the deal and how it worked out for both parties.

Also I've structured deals that have a time horizon well over 12-18 months if the projects are great with basically assured yields above expectations, and/or an annual coupon is assured. 

If interested let me know and I can send you an example of one available now so they can see the structure, etc.

Only difference is increased bonus depreciation on equipment, but the theory and methods for everything else remain the same.

@Nghi Le is right to consider transfer taxes (I am just talking about income tax in my post).Just make sure there isn't a "Due on Sale" clause in the contract before you do the transfer.There may be some solid tax strategies and significant savings around entity structures available if you plan to make this something you repeat.

If A/C and roof are good, it sounds like the rehab wouldn't be huge by any stretch assuming no structural issues. 

@Qi Gao I would ask an accountant or an attorney before you do anything as far as structuring an LLC and including a foreign partner but from my understanding You can probably apply for the loan on your own and at the closing table you can do a quit claim deed transferring title to the LLC and or add your partner to the title of the property.