The NNN also put a lien on the property to ensure the passive member couldn't sell the property solo, as his name was on the deed exclusively. 

I am the one who will have the time, find the deal/deals, further continue to educate him on the real estate industry, has the connections with other investors and sponsors, will be handling/managing everything in that regard, etc.

Anyway the remaining question that I have now is - if the lease does not state the EXCLUSION of the garage, but only OMITS it, does that mean they get to use the garage or not?

75% LTV on a second home cash-out is pretty standard across the industry right now.

Does anyone know of a reputable turnkey renovation contractor serving the multifamily industry in the Triad (NC) that works at this scale?

Unfortunately, Pollution and Mold related claims are common Exclusions of the GL policy. 

I have been in the property damage restoration industry for over 15 years.

This is with me sleeping there daily, learning from those I pay to do the work with me & friends that are in the renovation or construction industry. 

Suppliers will also be moving into the area and need industrial / warehouse space and will relocate or hire locally. 

But you also have to compare the benefit of taking depreciation and expense on a couple of the rooms and losing the primary residence exclusion of a tax free sale - but you could still 1031 the investment portion and defer tax. .