However, if you are planning on bringing on JV partners or Syndicating a larger asset, you are then becoming a fiduciary of other investors' money; you don't want to take unnecessary risks on upside unless market data supports it.I personally would advise on your underwriting when considering what offer to make you should factor in some vacancy expectations.

If the tenant side if smaller, move into it and rent the larger one.

Make sure you vet your contractor, trust them, give them daily tasks and make sure they meet your expectations.

Even just gopher/task rabbit type services might help them....putting out signs, putting on lockboxes, changing out locks.I think every apartment complex today is looking for maintenance people. 

I’ve had to slash prices on my larger units in the area and there’s no sign of imminent recovery.

We carefully rehabbed these buildings (occasionally going over budget) but stuck with it and managed to complete the project, lease up all of the units, and divest at a healthy upside which allowed us to segue our returns into larger investments.

I would assume a larger company wouldn't have the president/ceo filling out loan paperwork.

Usually, the passive investors get the larger portion of a 70/30 or 80/20 split, with the general partners getting the smaller percentage.

It is even worse during the pandemic, because the Federal government prohibited eviction, causing larger debt to accumulate.

I haven't seen (or, perhaps, recognized) equity upsides any larger than this.