It's easy to obtain, costs very little, and doesn't require additional, on-going effort to maintain.

There are also upfront and ongoing fees.

Its an ongoing battle with this guy and id much rather just buy him out, or leave.

One thing is for certain is that you need a lender with verifiable experience with the 203k and a contractor who knows/understands the 203k and has the financial capabilities to afford the start up costs and ongoing expenses associated with the 203k, such as a Certified 203k Contractor. 

If you stuck to just interpreting local zoning codes then you probably would be ok...but I wouldnt go into giving solutions for on going projects.

We hired a security company to patrol the buildings which helped but it is cost prohibitive to do on an ongoing basis.

Recommend you hurry on this as a recession will make it harder to get a loan.Work has been ongoing.

Recently I ran into an issue where the collateral documents were taking a long period of time.

When I just had SF rentals, I ran all the rental income through my LLC (even though the properties were in my name) simply to keep the bookkeeping separate so I could track the performance of my properties and ensure no co-mingling of funds. 

I originally did not mention this but I do plan on going back to W2 career after this little educating sabbatical.