Make sure someone on your team is experienced or comfortable handling that.If you are interested in taking down larger deals, 80 units or more, I would suggest to stop trying to do it all.

A larger split on the profit or paying them interest during the deal with a smaller split on the profit?

So we had to take them out, reduce the opening sices, order two new windows and dispose the larger ones. 

Question about the appraised value of larger multi-family properties...Is the appraised value based on the NOI of the current rent (or appraiser's estimate of rent)? 

It's possible the tenant is better at this sort of work than both of us but you never really know...If I were in your shoes, I'd have a licensed contractor do plumbing and electrical but that will cost you more.I guess it comes down to whether or not you want to pay more or take a chance the tenant is doing it correctly, in which case you can simply be happy that the tenant is happy and also that he's saving you $, at least in the short run.

This equates to a large monthly debt service and larger holding costs.See here:  https://www.biggerpockets.com/companies/hard-money/location/louisianaAlso check out these:https://nolahardmoney.com/https://www.thekpcgrp.com/realestate/https://limaone.com/https://ironbridgelending.com/Have you looked at using a local bank?

However, the most likely thing is that the cracks just soaked in a lot of the stain and that the wood eventually sort of spit some of the stain out.

I'm guessing a local lender has seen this sort of property before and would know exactly how it is handled.

Or does one cross-collateralize as a sort of covenant in case the value of the subject property falls?

Now with that being said if you were interested in cash flow you could easily take that 200-300k and invest into something with more units either here in CA still or buy something much larger in the midwest somewhere.