Cash is king and liquidity is expensive.

The market requires a high liquid position to enter which is normally a barrier to entry for most. 

Current owner hasn't kept the best record upkeep, as five leases expired years ago and are on a month-to-month, with the other three leases expiring this year.

Having more liquid funds allowed us to purchase and repair more properties that we could then refinance as we went along.

You will want to button that up because the interest deduction would fall on your 1040, and you would want it falling somewhere else on your tax return (schedule E, business return, or the like).  

I also have my RE license in Massachusetts (although I have let it expire within the last year and am currently taking my 12 CEUs).

The ones used in health care are bluish-green and have an expiration date because they're impregnated with antimicrobial solution.

cash goes in liquid assets (cash), the debt under long term liabilities, and the house itself lists as an asset under buildings

Rough %s I have in my mind are 3% on capital they bring + 1% GP equity but not sure on timeframe for payouts and clauses to prevent liquidity issues during downturn given our 2/20 model. 

When the fed turns off the spigot, it cant last forever, that will be the sign of a money "crunch" and you will see liquidity dry up, very quickly.