As for rental rates out there, I would not be able to speak to that without looking them up.We have our TN license and currently purchase for out of state institutional investors all the time.  

The banking institution and/or account to which rent must be paid may be changed by us after giving you at least 30 days notice as described in Paragraph 12.B.

Additionally, with the City adopting the IBC 2015 and inspectors becoming increasingly difficult to work with, we've labor costs go up and soft cost on the design & engineering side go up as well.   

One of the owners who owns 20 out of 32 units tried to institute an HOA a couple of years back but he failed to get the other owners on board.

If I was you I would start at a financial institution to see how much you can get approved for. 

As morbid as this sounds, this exclusion would theoretically extend to employees, family members, etc.As the result of the Presidentially declared disaster, a document used in your 1031 exchange is damaged, lost, or destroyed.As the result of the Presidentially declared disaster, a bank or lending institution temporarily delays, or decides to not move forward with a mortgage.As the result of the Presidentially declared disaster, a transaction is delayed because of the inability to obtain flood, casualty, or title insurance that is required to complete the transactionDon’t assume that you’re automatically granted an extension simply because the above conditions are met.

THey are institutional i.e. private banks and generally really solid. rates are between hard money and conventional but they are a good option when in a spot such as yours.Try doing a general search in Scotsmans Guide.  

What if the institution just doesn't have an appetite to finance that type of asset anymore?  

How I do it is through selective screening and I have been 100% successful.By instituting certain screening standards it will naturally eliminate the vast majority of non target applicants.For example young couples with children will generally have lower credit scores. 

The note seller will probably require you to sign an NDA first.We buy in bulk by large trusted institutions but we also sometimes pull lien reports.