What are your thoughts on this deal, given the information above?

Keep saving your money and make sure you have plenty of reserves before you buy anything.

That extra buying power will give me a better chance of finding a property within the area I’m looking in.

I recommend buying into section 8 rental that have already did the modifications or repairs and passed the city inspection.

Investment Info:Large multi-family (5+ units) buy & hold investment.

If you could provide more information about the contract it may open up more ideas.I would agree with @Zane Cress that a tenant buy-out would be a good option, although if you are dealing with 5-6 properties (And how ever many units per property) you're looking at an extremely high cost.

Since it’s also on a corner lot, it will connect the SoMa neighborhood (all their restaurants and business) to the Pettaway neighborhood where $15MM in new commercial/residential spaces are being built on top of a VA hospital remodel to 140-160 luxury apartments (70+MM rehab) that is just 2 blocks away.Willing to share more information at anytime. 

- best markets to buy?

We have an opportunity to buy out our father's shares of the commercial property LLC.Is it allowed to do a 1031 exchange from one LLC purchasing part ownership in another LLC? 

Getting back into Buy and hold and flipping.