Hi Everyone,I'm brand new to REI, so please bear with me!

The fact that you are an attorney has no bearing whatsoever.  

The other issue that bears consideration and is on a case my case basis is at what point does the pref equity “cost” start to hurt LP returns?.

This would leave me with very little cashflow to replenish the reserves for this house.My question and what I need guidance with is: Would it be best at this point to just sell the house and possibly break even, or should I take the loan and bear the next three to five years of paying it off?

From there you'll have a more realistic picture of what the market can bear and what bar you're shooting for.

You need to do the same thing, who you select will have a huge bearing on your business success. :)

lol work for bear

An ACV policy on an older property would probably not be wise, however as your property was recently rehabbed you may be able to do that if you're willing to bear the risk of the depreciation on any structural members that were not changed out during the rehab.  

[I doubt the mobile home will have much bearing on the valuation, but, I could be wrong].So, why not ask some Lenders?

Foundation suring is a bit of a bear though.