We carefully rehabbed these buildings (occasionally going over budget) but stuck with it and managed to complete the project, lease up all of the units, and divest at a healthy upside which allowed us to segue our returns into larger investments.

Your choice...good luck

We normally do not give a choice unless the lawn is super large. 

I would assume a larger company wouldn't have the president/ceo filling out loan paperwork.

Usually, the passive investors get the larger portion of a 70/30 or 80/20 split, with the general partners getting the smaller percentage.

The tenant had the choice to be let out of their lease, but chose to stay. 

It is even worse during the pandemic, because the Federal government prohibited eviction, causing larger debt to accumulate.

I haven't seen (or, perhaps, recognized) equity upsides any larger than this.

That being said, since they are a larger family I would suggest to them that they can pay a higher rent and keep the whole house so you don’t have to go to the expense of doing the construction with Tenants in place.

I consider it more of an art to put the contingencies and back up plans in place to exchange out of several properties and into a larger one.