If you are bringing in one or two outside groups to help finance and utilize their expertise, a simple JV structure could work, where you split up the ownership, and everyone has a somewhat active role in the deal.  

The primary role of a property manager is ensuring the timely collection of rent and disbursement to the Landlord.

PM companies charge fees when they fill the GC role because they cannot devote manpower to manage your projects for free. 

That also plays a rather large role here.  75LTC is usually for those with little experience or lower FICOs, if even approved.Cheers!

You'll want to draft up an operating agreement, plainly explaining your roles.

Kind of like and HR for living in the property, but more tenant support/resources kind of HR vs the policing layoff type we’re familiar with in corporate America (and of course, I’m not saying the companies’ HR department would play this dual role - that’d be terrible).  

@Syed QuadriNot a lot you can do to force this to close but it certainly sounds like you have a case against the agent for not exercising his duties to you.

If you should want any referrals feel free to message me in BP.A good exercise is to write out the different scenarios on paper - Scendario A - use a cash out refi at a fixed rate, Scenario B - HELOC, Scendario C?

I would meet with RE attorney and have all partners at initial meeting to make sure there are no questions on the roles in the deal.

@Benjamin Hirsh this might be a good exercise for other people to see.