Also, what's the plan if one of you decides to liquidate, and the other doesn't want to. 

predetermined dates for one partner to liquidate? 

**the following is not professional advice*** First, I would find a refi lender for the condo before I  move forward… I would take my liquid cash to payoff my current HELOC.

I am seriously thinking about liquidating my rentals and investing elsewhere if I am denied Landlord's insurance.  

The roof being only a few years old is in good condition so we liquid nailed the felt paper/shingles from the underside since there is no way to secure them with nails.

This means determining if the field is sufficiently permeable to absorb liquid flowing into it.

The property sold to a 3rd party at auction and we were finally able to liquidate this note that was sub performing for years!

The factor that I see being tough at least just off the cuff, might be your liquidity/down payment available. 

They often make rulings that are extremely narrow in an effort to avoid upsetting the cart.

At the end of the day, though, this is speculating more than it is investing :) Side question:  What kind of thing is going to be paying you a guaranteed 12% interest indefinitely and with liquidity?