Namely for starters, they have professional codes and requirements that force them to pass on investments they would like to buy themselves. 3) I would draw a clearer distinction of sort between "working" and "investing". ;)  Some people just don't have the entrepreneurial spirit or tolerance for risk or etc and thats okay.

I am simply seeking advice to help sort out some conflicting priorities.

You're putting all your trust in the GP, who will charge you fees for all sorts of things.

I will look for a local realtor that may have experience with owner financing of this sort and maybe even know the local STR codes.

The connections will be the main thing that would hold back an out of state investor, but since you're in state, you do have some sort of an advantage there.

They had extended a couple of times to get it sorted and then went quiet on me.

Try https://data.nj.gov/Reference-... and sort by "Rental Units Gained."

Google search shows all sort of collection agencies that I cant even tell are legit.

@Noelle Stecher you need units to have any sort of cashflow, so go #2!

We sold the unit un-repaired to a handyman - for a profit - but it was definitely not a success compared to our normal transactions.The next one the woman had gone through a divorce - but was (sort of) mentally handicapped by it.