I would be handling everything involved with closing the deal, hiring management, and increasing NOI.

Hi Jesse,Maybe Co-GP with someone who has successfully Value-added with re-habs on apartments of this size.Because based on this question, I'd say your chance of coming in on budget and on time is very low (especially with Covid shortages).Using an architect to help with color, landscaping, office design and decor, etc...might be worth it.This is a big project and in addition to handling the actual rehabs, you have to be concerned with your renters inconveniences, 7am chainsaws, water and electric shut offs, downed laundry faculties, pounding and buzz saws whirring all day long.You have to have a plan to appease their anger over this--or they will move out (when they would have stayed), increasing your turnover and decreasing your estimated cash flow.Having a management company that is familiar with re-habs might also be a help--some may also handle the re-hab for you for a (% fee).Good Luck!

You can't handle what you've already got, so why would you take on another debt?

In my case I work with a local title company that also handles the exchange.

We have $20,000 to put down and will handle all of the financing and rehab.

Regular PMs don't handle these properties.

Anything you have, 99.9% of the time Harry can handle it.

I wonder how other people are handling these struggles?

I do have a CPA that handles all our taxes.If you are providing services, like tours, cooking meals, driving folks around, cleaning during the guests stay, then you will fall under schedule C and pay the taxes.Leaving things for folks like a welcome basket, coffee, bikes etc does not do this.

This should be a passive business for you and the manager should handle everything.