the benefits of long term rentals are... all of them together. 

The process is so long and tedious.

However, the previous landlord permitted them to take over an additional 3,000 square feet on the second floor, which is now filled with inventory and unusable for other purposes.While this tenant has been reliable and has a long-standing relationship with the property, their occupancy of this extra space is limiting our ability to maximize rental revenue.

If it didn’t take a long time to generate that cash(1 year or less), I would consider doing syndication and wait and see how it went, while continuing to educate myself on local market conditions for an investment property.

Good luck..

My concern is that there aren't a ton of outside reviews (i.e. those not on the PropertyOnion website), but I don't think the tool has been available for very long (or at least I haven't come across it until recently), so this would explain a lot. 

Knowing that you'll have a good amount of eyes on the property at your ARV of $3.5M, I think you would be able to get it sold in a decent amount of time and save some holding costs. 

Do you think that 6-7k cash flow plus the return when we sell the place in few years is good enough of a deal to bring in a new partner to buy out the other?

Good Luck!  

Long Beach, California, is revitalizing its historic Queen Mary ship and hotel to attract tourists during the 2028 Los Angeles Olympics.