Make sure you work with a structural engineer to determine the best fixes and work with a reputable company to execute the plan. 

If you and your partner can establish yourself as a reputable brand investors would be more inclined to work with you. 

Confirm that the provider has a pristine reputation (e.g.

@Whitney Stanley, beware of tax consequences from phantom income for your client.  

Consequently, I don't imagine there are many property managers out there who don't have a shed or a garage full of building materials for use on their own properties that someone else paid for, and a contractor or two in their back pocket willing to do them a kickback favor or two.Is this slimy?

If they are going to sell, are there any issues in regards to the IRA if some of the total purchase price is allocated towards ‘blue sky’, ‘reputation’, etc.?

It opens you up to a lawsuit and to investigation and ruins your reputation in the marketplace if you can't perform.

I believe the past 18 months is irreverent to the tax consequences as they have legally occupied the unit 2 out of the 5 years.

I have heard / read that investors do it all the time with no consequences, but it could create a covenant violation that will allow the lender to call the loan.

Great support, not sure if it’s offered by you but reputable company over here in Sarasota