We're both on board with the idea now - my question is around how to make the purchase and structure the agreement...we both want to go in 50/50 towards a conventional loan and then have it managed by a property manager. 

It’s essentially a board meeting where they look at individual cases as I understand it.  

You should just get started; don't get into analysis paralysis trying to find the perfect strategy.The only downside here is that you will be doing a lot of moving, so make sure the family is on board, or else after the second move, you may be spending all your profits on a marriage counselor... just kidding.

Trenton City also has a lot of board ups where the owners have abandoned their properties to foreclosure or repossession by the city and the City of Trenton owns many houses and doesn't have the resources to do anything with them. 

At least it was just one parcel and I chalk it up to a lesson learned.Still, some high-profile people were and may still be recommending this investment and with those same people.Anyway, invest in what you know and what's closer by.

After they moved out and the new tenants soon moved in, we must have the handyman to fix the upstair carpet and board and downstair ceilings.

I've been on this board since 2010 and haven't found an example yet.

That money is intended for tuition and room and board so why not count it as such. 

@Mark F.Hope you jump back on board.

I don't want to put boarding all over which would reduce my property value which is what my realtor is recommending me, but I am not sure if I am 100% in favor of it.