What impact that would have on a LL would need to be uncovered.

If you are talking about a vacant, 100-unit property, the cash flow impact would be very painful.Let's focus on the real issue.

That game kills your cash flow and hurts your ability to gauge the investment up frontCondos have restrictions of all different kinds that may impact your business. 

Regarding my repairs, I targeted some low cost, high impact areas to affect appraisal pennies to the dollar.  

I eat the cost of water/sewer on all of my units, and it doesn't have any massive impact on my bottom line.  

Also, the intangible impact of purchase that may sway the decision to NOT go elsewhere as desired due to the impact of you having to sell.

This is especially impactful when you use any of your cash to buy a property.

I see unrealistic cash flow projections, various challenges at purchasing value, cash flow that on small unit count RE does not scale to make a significant impact. 

She recently found out that she will be taxed heavily on the sale and is looking for ways to structure a deal so that she minimizes the tax impact.

TIC could mean that it is 1031 funds.Yes, any unique structures would be identified in the offering documents.One side deal could be some ownership in the GP but that does not impact you (unless they modified the splits to cover this additional investor compensation).Your diligence is good and the results are as expected...no deal breakers but a remaining level of uncertainty.