The general partnership structure may vary from one deal to another but what we regularly see is 30-35% of the GP allocated towards the capital raise (which is what you'd be doing).

Can you please post an update?

It may have already been mentioned, but on your tax advantaged accounts, it is VERY important that you do a direct rollover , Roth to Roth, regular IRA to Regular IRA etc so that you don't end up owing taxes.You might check to see what your cost basis is on your regular stocks, it might be worthwhile to sell some of them at a time.We personally have our retirement accounts with a discount broker and have some stocks and some ETF's within it.

We are more than happy to do the updating and heavy lifting.  

If so, should we also sink some money into it for new carpet, updated cabinetry and fixtures, and other cosmetics?

@Gary Swank We have an inspection contingency (and have done every inspection I can think of...regular inspection, radon, sewer scope, mold, wood destroying pest).

You also convert a traditional or regular LLC to a "Master Series".

You might get more negotiation outside of a regular Bank. 

I am not a lawyer, you will DEFINITELY need to check with one, but to give you general ideas, if your "investors" are actually "partners" and have voting rights and you have regular meetings, bringing together 5 strangers on the deal is reasonable as owners of the LLC holding the property.

I have regularly worked 60-80 hour weeks for the past 4 years.