When it comes to the actual purchase, you might be able to {gradually} purchase shares of the business (depending on how it is set up and the appetite of the owners) rather than an all out purchase.  

We use sites like sabbatical homes, furnished finder, and FB marketplace to find quality tenants who want to stay for a month or 2 or 3, and we charge the same rate as an STR but find it to be less management intensive, higher occupancy rate and less work than an STR.

Sometimes these one-size fits all rules don't make sense.A SFH landlord will probably charge you less than an apartment.

We don't want to hand it over to the ones we did not like, as it may become more of a headache.If someone could advice what can be done next, would really appreciate it, feels like our options exhausted, but i don't want for the house just hang in there, eating interest.

For #2, if you exhaust your traditional number of loans, you can just use a hard money lender or a non-qm lender.

I hear risk mitigation and taxes often....from what I understand (but could be wrong) pass through entities like LLCs don't impact taxes all that much and a good insurance policy is much better on the risk management front than an LLC that may or may not be ran properly.

If so the reserve account would be less than an older home that has not seem some lovin for awhile.

There are lots of ways to do this other than an a straight split.

But one thing I will say, Chad and his reservoir of talented staff, colleagues and partners do exhaust themselves to make sure they find the right funding for your deals.

You definitely need to be cautious as you are allowing your property to become a civil liability rather than an investment.