If you own several apartment buildings your best interest might be to speak with a asset protection attorney versus asking questions online of just anyone who might respond.Good Luck!

What are you protecting your property from?

Allocate equity based on contributions: you provide the $235K HELOC and management, while your former boss contributes renovation expertise and labor.

Both these 2 are not easy to do, and typically take expertise, experience and or capital.  

Federal Laws Prohibit Discrimination of 7 Protected Classes, Massachusetts has added 8 more:-02.Always know more of the Rules/Laws/Regulations than ANY Tenant.

Hello everyone! 👋
It’s a pleasure to join this community and connect with people passionate about real estate. My name is Montse, I’m originally from Spain, and I currently live in the Netherlands. I’m interested in ...

I’m wondering how I can protect myself if they somehow rack up the bills/ abuse the policy. 

There really isn't a safe, secure way for someone to protect their interests.

This is primarily what makes their work product substantially lacking in correct English grammar, legal protections, timely professionalism and many other ways any Securities Attorney will point out to investors.

I think hard money lender to take this risk cannot legally charge appropriately which means the law is working against you (the law meant to protect owner occupied owners from unfair loans).I agree with @Jay Hinrichs that your best option likely is to sell on the mls.