Depends how you structure it.

Overall, my goal is to JV on, and eventually partner with a GP to syndicate, a parking lot and/or structure by year's end.  

@Shlomo Koheler A burning question I have is how to structure those deals with a (very) distressed property?

How should I structure contracts with lenders in order to keep it fair for all parties involved?

We went under contract for 25 units total, but after inspection, dropped 9 that had severe structural issues we were not willing to take on.

Are there any other advantages of this structure or maybe that’s over complicated?

What can I do to get around having to elevate the existing structure?

A nonconforming use is a use of land, buildings, or structures that was lawfully established prior to the effective date of this ordinance, or any amendment thereto, but which does not conform to the regulations for the zoning classification in which it is located.Nonconforming uses may be continued subject to the following limitations:a) No nonconforming use shall be extended, expanded, enlarged, or moved to occupy a different or greater area of land, buildings or structures than was occupied by such use at the time it became nonconforming; provided, however, a nonconforming use may be extended throughout any parts of a building which were specifically designed and arranged for such use at the time it became nonconforming.b) No building or structure devoted to a nonconforming use shall be enlarged, extended, recon­structed, moved, or structurally altered unless such building or structure is thereafter devoted to a conforming use; provided, however, such building or structure may be enlarged or extended upon prior authorization from the Board of Adjustment, which authorization shall not be granted unless the Board of Adjustment makes each of the following findings of fact:1) The proposed enlargement or extension shall be de minimis in relation to the existing building or structure.2) The proposed enlargement or extension shall not increase the intensity of the nonconforming use, which is to say, it will not result in an increase in dwelling units for a residential use nor in gross floor area for a nonresidential use.3) The proposed enlargement or extension is designed so that it will not render the use of the property any less compatible than it is in its existing circumstances.4) The authorization of such proposed enlargement or extension is not otherwise contrary to the public health, safety or welfare.c) A nonconforming use of a structure may not be changed to another nonconforming use unless such change is authorized by the Board of Adjustment.

How do I structure the deal? 

Here are two strategies I am thinking:Hybrid: Rent out all structures to long term tenants, rent 7 RV spaces to long term tenants.