I am willing to take a partner with financial backing in on this deal contingent on the inspection and a walkthrough of the property. 

You may get lucky and find an "occupied" property vacant.If not, you'll get your best results offering cash for keys for a property delivered vacant in broom clean condition on a date certain.If you need to evict you may save some money vs. cash for keys but that definitely does not mean it's the better strategy financially.

However time wise and financially, building is about the same.

The restaurant expenses are getting too high that now they're dilemma is whether to refinance the HELOC, do a modification on it  for financial hardship , or sell the house to pay off CENLAR (loan administrator) and put the difference as a down payment somewhere else.    

My first step would be to hire a really good attorney and pay him to comb through the bylaws, board minutes, financials, etc.

My background is in Finance, Valuation and Strategy and I have spent most of my time working in corporate, as well as one year on Wall Street... which all equates to not much real estate deal experience.I am most interested in wholesaling, BRRRR strategy, and finding a financial way to take down some large cash producing assets/portfolios.I am looking forward to gaining and sharing knowledge with everyone.

Would this allow me maintain all financial decisions regarding the asset, without risk of getting sued or removed from the entity?

Any guru can open a 506b and raise $ and steal it from investors pretty easily and it is never vetted since it’s exemptWe also prefer 506c’s to b’s because of the solicitation requirements and the Reporting of a b with the financial audit requirements etc get very pricey.

Living here is great for my financially, and it also gives my parents peace of mind knowing the house is being looked after.

Finding a partner that will share that plan and contribute financially going forward will be your smartest move.