I'm always TDY/deployed, I have cash, just not the time, others have the opposite issue.

I am looking for a lender that is willing to issue a loan that allows the property to be owner by the LLC that is equally owned by both parties. 

Harjeet, that's good to know it's not too much of an issue to have a HELOC if I can pay it back within a year.Brent, the rental is a bank-owned condo that actually costs $75,000...

If it's really an issue, you can always deed it back to yourself temporarily.

I kinda agree with @Larry T. there is presently a storefront vacant building right at the corner of where i leave, the store is rented out but the apartment is vacant and it has been like that for at least 2yrs.You also need to be wary of the location, correct me if i am wrong but buildings were there are apartments and stores are technically in D, E locations which could have a lot of issues. this is based on my drive and stay in Rochester NY.Your located in NYC, i think you could take a day or weekend off to come down here and check the neighborhood out.

The house had no foundation issues, it just settled some over the years and these areas showed signs.

Could be DTI issue??

We have a family that is very interested just no offer yet due to bank issues.

Assuming the property does not have major issues such as deferred maintenance or lacks desirability, accepting anything less than 20% down, minimum, is asking for problems.  

The issue is that in those areas there is not many multifamily properties when compared to a larger city like Torrington or Winsted.