Assuming the property is equally owned 4 ways (25% each) you could have the property appraised for confirmation of value: $1.8M/4 = $450k/share x 3 = $1.35M could be obtained as a cash out refinance, potentially utilizing a healthy portion of the STR or projected STR income to qualify. 

While it saddens me to hear this, ultimately this was not someone who should have been investing passively in syndications in the first place.

You probably still need income to pay your share and when you don't have tenants. 

Network, share, learn, adapt, repeat.

By sharing housing costs with tenants, I enjoyed better living conditions at a lower price.10.

That money goes towards the purchase if made, or is forfeited if no purchase takes place.

If it does not work I will likely try to buy it outright and a bit lower price and use Hard money.... 1 Bed / 2 Bath Condo about 900sq ft - Can NOT rent out unless owned for 3 yearsAsk: $225k (likely will try to contract for $215k) - place is in great shape.

Many thanks to anyone who can share their experiences!

Local credit unions would be a good place to start. 

If you find a place where the numbers make sense, buy it.