Note, however, that exchanges of corporate stock or partnership interests don’t qualify.

After that it's a 50/50 split for as long as the partnership is mutually agreeable. 

My second floor is bedrooms  and you are correct their must be functioning bars that can be opened there.

There is a system and process.Each county and city has different zoning they assign.So in one county B-1 means commercial retail but in another it's something totally different.Even when you pull the tax record there are LLC's, trusts, partnerships, etc.

Don't over improve at this point, just good solid tenants in a clean and functioning unit, if the market is good and appears feasible you can go for higher rents through upgraded units as they become vacant.

If you are allocating the full burden of a partnership return for a single property I see the CPA, otherwise it looks high.  

It totally addresses the trust aspect of a business partnership and also provides a lot of flexibility in terms of the time committed to the business.

He self-manages and performs all other functions for the property such as leasing/marketing and most repairs and maintenance, except for hiring contractors for minor jobs totalling less than $1,000 per year.  

The borrower(s) may have initially purchased the property as one of the following:                  a natural person;an eligible inter vivos revocable trust, when the borrower is both the individual establishing the trust                           and the beneficiary of the trust;                        an eligible land trust when the borrower is the beneficiary of the land trust; oran LLC or partnership in which the borrower(s) have an individual or joint ownership                           of 100%.                       

But if 99% of them are fully functional then you might be ok leaving them in place.