@Masood Amin it’s essentially a partnership of multiple investors who pool their resources togetherto pursue an endeavor that they themselves could not, or would prefer not to do themselves.There is a Sponsor or General Partner for the project, who is the activeinvestor puts the deal together and is responsible for executing the business plan, and thenthere is a group of passive investors, the Limited Partners, who contribute capital in exchangefor equity in the project.

Is there any great resources to do this well?

Before you raise the rents to be in line with the current market be sure you have the capital and resources to get the units in line with the current standards that are bringing in those significantly higher rents.  

There are lots of free resources and paid courses.

I'm here as a local resource if you have questions! 

Are there any good resources on what needs to be clearly stated in an LOI before submission to be confident you're covering all the bases? 

“The Book on Flipping Houses” by J Scott is a good resource.

They create a lot resources to the borrower and the servicer so that homes can be sold before they reach foreclosure.Currently, the forbearance and foreclosure protections for federally guaranteed mortgages has been extended through June 30, 2021 so time is limited. 

Is there a resource I can use to find out what in Rhode Island requires a permit and/or license to do on a home?

Meetup.com is a good resource for those but some of the groups will also post here on Bigger Pockets Marketplace too.