What they are telling me is that they have an excess of solar tax credit and they are willing to sell them to me  at $.90 on the dollar.

. $200 is excessive.

If it has been difficult to rent, I will assume the outlook for future rent increase in excess of inflation is not great.

Any and all excess space can (& should) be rented out.

I would normally think that the hard money lender is used in the earlier stages of a project then you'd refi with a long term loan through a more conventional lender?

Figure at least $5,000 in legal fees to get to the stage of where a settlement is being discussed.

You're basically taking your transition in stages.

To me, risk is investing and getting a mediocre return in real estate with all the work in excess of stock investing.

James,As I worked alongside several syndicators starting with some in their emerging / ramping stage, one of the best ways that they got started is to surround themselves with experts early on instead of trying to DIY w/no brand identity. 

I ran into a seller who just finished the beginning stages of a full rehab and asked if he would be selling in its current state, he ran his numbers and came back with one that works for the both of us.