After several years of hell he intimated to me that when he finally unloaded them his losses were close to $85k but I bet it was much higher.

Are you using these numbers to get to your Net Operating Income?

I've worked in PM companies ranging from mom and pop all the way up to operations which manage thousands of units in very wealthy neighborhoods.

You have to have separate trust accounts for security deposits, a trust account to get the rents into and then a regular operating account. 

I also operate in the Greater Toronto Area.Do you know how many units you would consider in a MF property?

A line of credit lets you draw on funds, as needed, for routine operating expenses up to the maximum amount of the credit line.

I own and operate a remodeling company with my business partner.

If there are signs it's operating as a personal account (ie. cash withdrawals and , or appears to be (eg. expenses paid personally) your LLC, if challenged in a suit, could be broken and charges put against you as sole proprietors.

Other than riding it out until the tenant's lease is done I don't really have any good advise.If you absolutely need the money then, the best bet is to negotiate a buyout for the current tenants, sell and pay the taxes.

Also, I would bet that you will get recommendations to rip out all the sheetrock while under negative pressure where mold is present.