I would interpret that to mean you had both the right of redemption and ownership once someone else redeemed.So as Wayne said you probably have 2/15ths worth of the property.

Try to find a new 5+ unit multi-family deal and try to source a hard money lender or team of investors for financing Pro's:- still have steady income and relatively low debt to value on my current properties and good cash flowCon's:- harder/impossible to maintain 100% ownership; expensive money; difficulties in finding the right investors and or deals to make the model still work with nice high returnsWhew!

@Jose Ramery What kind of partnership is this (ownership, limited partners?

http://www2.ucsc.edu/whorulesamerica/power/wealth.htmlTable 3 is a distribution of wealth by % of ownership among economic classes.

Get ownership from day one.  

What I mean is that rents are higher here than the costs of ownership are for a similar property AND rents are higher here than in most other areas of the western states for similar properties.  

Will the PM receive an ownership interest in the property?

Raising capital to become a lender through rental property ownership is a years and years long process, and like lending, being a landlord is a huge people person undertaking.  

I wish all my clients had the forethought to get started using this strategy when they started in the investment purchases.I am setting up my children to go into their home ownership the exact same way.

Realize that most lenders will value the property at your purchase price plus rehab costs and not the fair market value within the first year of your ownership.