The time and complications involved in getting all of these people on the same page as far as an acceptable purchase price goes can be complex and take a great deal of time. 

Because it's a retirement account, I can't use leverage without bumping into complex tax issues (UBTI / UDFI) that i would prefer to avoid. 

Started off with SFH's and moved into a six-plex, then apartment complexes. 

Your partnership return will require a balance sheet, which is more complex than a simple income statement that many investors require.

It is a condominium, not a single family home.

The rest of my goals are far bigger than that with multifamily,  100+ unit apartment complexes, etc.

I would tour a few apartment complexes nearby to get an idea of unit conditions. 

For the style of complex, care, attention and luxury I consider it an incredible value.

They will invite all the neighbors to a hearing about it and if there are any objections, they will deny your variance.An alternative to this that I have commonly seen is condominiumization where the land the home on is declared common to the association you create and then each house is deeded separately.

Since it's in a complex the condo fees take care of everything except Internet, so that's one less thing to worry about.