It's common sense to understand that given two equally capable people managing a property the difference between them would come down to motivation, who has the most skin in the game, who has the most to lose, who has the most to gain, who has a personal buy in to the property, who's attentions are divided more between properties?  

Rent minus mortgage payment does not equal profit.

He couldn't pay back the $30k so it was taxable income, which then equaled a $10k tax bill to the IRS

The notice shall include notification of the presumption of equal responsibility for the reasonable costs of construction, maintenance, or necessary replacement of the fence.

I will offer him rent on the master lease to equal his mortgage payment. 

If you're paid out of pocket rather than from the business, one of you will get the shorter end of the stick because the fees aren't going to be equal. 

This should equal the cash you would need to bring to the table if you were working directly with the seller and were to reinstate.So I'd just write up an offer and present it to the agent with that amount as your cash down and seller financing on the balance of original loan amount and see what happens.

If the apartments are not equal you spend more on the one with the greatest potential for higher rent.

The equity in the condo is equal/greater than the amount left in the mortgage.Is it a good idea with BRRR strategy to use that HELOC and pay off the Mortgage completely?

With regard to the numbers you posted, all other things being equal, it wouldn't make ANY sense mathematically to ever purchase a house that needs $60k worth of renovations when you could buy one that's already renovated for only $20k more.