Secure a heloc on each of the 7, or hard money lender.

If no bank will touch it, it will have to be purchased using cash or private money/hard money.

If it is a note and not the fund, is it performing or non-performingIf it is the fund then you need to read the operating agreement and any private placement memorandum etc about the risks etcHave you asked them for referrals ?

You or your attorney can file private criminal complaints or whatever, but dollars to donuts, that money is gone.Remember, you cannot collect a judgement against someone who has no income and owns nothing. 

you know this JV stuff really borders on securities issues..

I think I have hit on a decent business that could employ 1 or two people and still generate a very reasonable return.My thoughts are the renter's would sign a loss and liability wavier and I would provide security cameras and lighting.

You just have to make sure that your property is rented and meets the 1.2 debt service coverage ratio with the rental income it brings before you apply for the refi.I am assuming you are planning to buy with your own cash or some form of short term private financing.

I learned the hard way.https://www.pabulletin.com/secure/data/vol28/28-44...

It is also in a speculative neighborhood with many new private and city projects breaking ground. 

Private, Silent Partners!