The existing equity plus the remodeled equity should allow us to pull almost all of our cash out while still maintaining a very healthy monthly return. 

It sounds like the seller is looking for a larger developer to do a JOINT VENTURE on.

Investing in Real Estate Private Equity: An Insider’s Guide to Real Estate Partnerships, Funds, Joint Ventures & Crowdfunding"https://www.amazon.com/Investing-Real-Estate-Priva...

If that is the case, then you are liable for building errors (10ish year tail), code violations, civil issues, etc, basically you are a 'partner' in anything stupid they did, so you are liable, and potentially for 100% of the error (you'll be rolling the dice on the joint and several thing). 

I suggest doing a JV (joint-venture) with someone already doing this successfully 

You'll also want to be careful to notice that if you and a partner are going in together to work as a joint venture of some kind without a formal limited liability entity (whether that be LP or LLC), you will likely be treated as a general partnership. 

It's very healthy in that regard.

When they sign the rental agreement as "jointly and severally liable" the person with the best score will mostly likely make sure the rent and utilities get paid.I would show the unit to all of those you have scheduled.

Stay healthy & Safe!

@Sandi L williams if you're confident in that 90k then just write up a joint venture agreement (google one) with someone close to you that is confident in the deal as well.