I straight up don’t know what I don’t know.  

Just cut the chase and put it in an LLC.

Leaves Joe Pettytheft highly visible as he tries to cut off my catalytic converter.   

But in the OP case straight loan seems like the better option.

I invested another $40K to completely renovate the condo (a renovation value of about $60K, since I was able to cut costs through knowing contractors) - therefore, I was thinking of selling it as a flip to make a profit and re-investing the cash into a rental property.

You learn how to be an investor and immediately reduce or completely remove your biggest monthly expense (rent).If I was starting over I would have house hacked straight after college.

@Ron RohrssenSounds like you want to cut them a break for bearing with the storm damage.I’d get a few quotes for the repair of the garage door and then send them to the tenant and explain how you need to take their deposit and they need to cover the additional expense.

You are middle man looking to broker deals for your cut, not an investor looking to invest.

But next of kin close family is where I would be going if you can get to them and see whats up.If the whole family has limited resources may not be much help there.I know when my mom was in the same situation the corporate owners would not cut her an ounce of slack so I paid her rent for years. 

And you can likely find a company to cut you a break on the leasing commission as well.