I would leave the double sink-gives them a place for the drying rack instead of using the counter. 

Cash flow can dry up real quick when you can't find tenants for your units.

So we were able to find a great deal about 2 years ago, on a large, commercial, multifamily, but since then have struck dry. 90% of all deals the banks don't want to do.

It just needs a little dry wall work finished and a pull down attic ladder installed, as well as the light fixtures. 

It was junk when it was built, it was illegal junk when it was remodeled, the place is a fire trap waiting for a match, the owner plays Whac-a-Mole with little fixes every week that are bleeding him dry.

EPA, storm pond, 2 acres doesn't seem like much to put 6 duplexes on-  parking, driveways, setbacks, landscaping, fences, soil test, fire hydrants, survey, etc. 

First make sure you understand your industry, the rules, regulations and laws so you don't get hung out to dry before you even start.

It looks like they excavated some soil and did some subsequent follow-up testing.

Am I missing something, would they be in the same place if they had taken their money and invested on their own as opposed to through a partnership/JV or syndication, I hope this question makes sense.I'm gearing up and keeping powder dry to utilize in the near future if the market keeps softening and welcome any information/opinions.

Traded in the security clearance and dried out sinuses for humidity, bugs, and ocean breezes.