@Tom Grieshammer have you considered partnering with someone on a deal rather than doing the deal on your own?

What made you interested in investing in this type of deal?

Talk with the owner and a lawyer on how the specifics of a deal are structured. 

An investor friend of mine (Barry Knighthawk) put me onto this area and it has returned some good deals. 

My tenants all have jobs and I don't deal with druggies and etc. 

I'm trying to see what are my options as to how could I structure a deal for the renovation of this project and the potential partnership when it’s completed .

This is not the case for the majority of metro areas across the US.In less hyperbolic markets there wasn’t an intense amount of speculation so operators didn’t pay high and are weathering the storm on interest rate resets and are finding a way to refinance Deals with maturity walls.I am finding that a lot of killer deals with my clients are happening in the sub 50 unit deal space for those who need to sell, because there’s much less competition in a chase for yield.  

You'll rarely find great deals on the MLS:(What you want to do is find a way to get a somewhat consistent stream of property leads.

.: First understand that people lie, oops I mean, "fake it 'til they make it"It doesn't matter if it's number of units, SubTo deals, net worth, number of doors, or any measurement of success.

If you get a good deal on the price, my suggestion would be the second route to finish the renovation and try to sell.