@Jonathan KlemmThe property was vacant when the appraisal was done but I am not sure if this played a determining factor in the rejection because the appraiser noted that the property is grandfathered to continue its existing use but the exemption would be lost if the property remains vacant for 6 months or more.

Only one partner has the funding to finance the construction to completion (which will quickly decrease the amount of time the property remains a liability--taxes,insurance, vacancy fees).  

I dislike having that much capital tied up for 6 months on a 1 month B.R.R.R.R., especially with rates being so low right now.  

But to make a long story short, the remaining family in line for it wants nothing to do with it.

If you are reframing everything, might as well do it correctly and run your double joists from party wall to party wall, properly hang your headers on the double joists, and sister/replace the remaining joists.

Whether these deals turn out to be prudent investments long-term remains to be seen, but nothing goes up forever.  

Found a great, high-quality tenant paying top-of-the-market rent.We moved from Iowa in 1998 and our first AZ house was in Chandler and we still have strong ties!

I won’t be using the LLC for the property but the principles of what you said would still remain true even if it was just a separate account.

I will take your advise by talking to many people, trying out various strategies, and remaining consistent :-)

Takes time and experience and the absolute comfort with the fact that I don't know everything, I am going to make mistakes (but jumping in anyway) and so I have to keep remaining teachable.