We can:1) Take the cash flow and split all of it 3 ways to help with our personal finances2) Take no money out and aggressively pay down the mortgage over a few years (we owe ~$82K) to get it off our records, own the place free and clear and eliminate mortgage payment (P&I ~$412/mo).

If you do find someone who is willing fund the whole project, be ready to provide the labor and be prepared to split the profits. 

I always deal directly with the listing agent and make sure they know that I have no other realtor and they will not have to split the commission.

Would you consider finding two partners with $30K each, offer them 12% or more for six months, pay them out after repair on a refi or the sale and either take the balance of the profit yourself or split it with your money partners?

( $40MM [sales volume] x 1.5% [your commission] = $600k x 90% [your split with broker] = $540k [gross commission] - $40k [marketing & expenses] = $500k [total compensation for 80 list side sales] )You'd definitely be leaving a boatload of cash on the table going down to 5% or 4.5% and paying the buyer's agent 3% but I'd also look at it from a standpoint of building a great relationship with a developer, getting your own brand out there for future business and building a name for yourself, and generating referrals from the relationships you'll make via this particular venture.

Apparently a previous owner split one of the larger units into 2 and had the gas company also split the gas, but could not do so for the electric.

You can either set your price and tell people I want X dollars and you add your fee on top or you can say lets JV the deal and split it 50/50.  

What I'm thinking of possible doing is splitting the apartment with a roommate and charging them $500 a month for rent.

If I were you, I would set up something like dad puts in 50% of money brother puts in other 50% we split profits 33.3 each since I'm doing all the work.

You can just split the profits however you all decide.