You'll likely need two (or more) classes of membership interests, and possibly more depending on how each element of the interest is being divided (voting rights, equity split, tax deductions, long vs. short term capital gains, etc).  

A low offer will only draw a bidding war if there is another buyer.

Maybe you can divide the lot and build a smaller duplex on the new lot?

Divide the NOI by the sale price, not the gross rents.

Divide the sales price by the sqft.

I imagine that you might have lender who wants to pay off the LOC, but doing so would be kind of silly, as you could immediately turn around and draw on it again.  

The property is an ante-bellum 15-bedroom, 16-bath SFR that was divided up into eight apartments.

I am drawing a blank with time closing in.

Here is our scope of work broken into draws. 

@Curt Smith, I guess my view is being in a nice double-wide for $11,000-$12,000 vs drawing the same cash flow as a $40,000 SFR.