I’m kind of the living stereotype of someone that’s profoundly mediocre, but saves more than he earns and invests the difference over a period spanning years.

You didn't say what kind of investing...commercial?

There are endless ways to set this up, but the most common that I see is a 1-3% acquisition fee, 1-3% asset management fee, 6-9% preferred return and 60-80% of the ownership equity to the limited partners. 

@Wes Blackwell Great points and I tend to agree with you from a common sense persepctive.

They do these kind of loans all the time.  

@Scott Anderson In NYC we have employees who take out the garbage weekly and clean the building halls and common areas frequently so I expected something similar for these apartment buildings.

I am kind of getting discouraged but I don't want to give up.

That is the biggest problem with this deal.What you are trying to do is commonly called the BRRRR strategy here on BP.  

I'm kind of at the stage with the size of my investment portfolio, where I'd be comfortable paying off entire mortgages and just collecting cash.Am trying to understand if others had followed a similar path and what their rationales were for doing so. 

After you rent it out for last few years, your house qualifies for like kind exchange.