When dealing with federal, state, and local NOFA (notice of funds availabilities), do government funds allocated for affordable housing often get depleted from too many developers requesting funds for new projects?

Start small, build a reserve fund, and work with local experts to ensure your first investment is a solid one.Good luck!

I purchased my first buy and hold SF rental property last year and turned the property into a student rental as it was very close to a local College.

Contact a local closing attorney as they may have one for you to use. 

I'm a local Denver agent primarily, but I'm familiar with some of the challenges up in the mountains because no deals make sense running the quick math. 

Your best bet would be to connect with local operators and ask them.

I live in Tacoma, WA…a lot of folks don’t want to deal with having to learn the local housing laws.

The founder appears to have been involved in businesses outside of real estate: ‘My dream is a locally made grooming products business’ | People | nashvillepost.comSo it does not appear there is a lot of track record there, but those are questions I would ask.

There is no other local affordable housing in the area.

For example, you might leave $10,000–$25,000 in the deal, end up with a $3,000 monthly payment, and only collect $3,000 (or slightly less) in rent.This applies to my local market and primarily to Class B or higher real estate.You’re better off finding a solid property that needs only light cosmetic work (e.g., paint, flooring, or perhaps a kitchen or bathroom remodel), buying it at a decent discount, and putting down at least 25%.