And even if you do, there is always a level of "gambling" involved when dealing with these properties.Disclaimer: While I’m an attorney licensed to practice in PA, I’m not your attorney.

I recognize the drawback with this approach is that all my units come up for renewal at the same time... but so far we haven't had major issues.

(was an ambitious college sophomore studying finance in '09 when all hell broke loose) and am wary of trapped capital, I recognize the merits of having exposure to a less volatile asset class.

@Armin Trepic my advice would be two fold. 1) Having a knowledge of the stock investing, I am assuming you have a risk tolerance level as well as ability to think long term (investing not gambling) .

When a great deal pops up you’ll recognize the value and act because you were trained and knew in your mind what a 50-100-200k house should look like

Investigate how they are recognized in your state.

Also note that if you were to purchase the property from them, your purchase price would become YOUR basis in the property and if you're paying below market prices, then you have a built in gain as well that would be recognized when you sell it if you sell for more than what you paid for it.I have the names of CPAs/attorneys if you need, though they're mostly in San Diego and Southern California.

Have to hunt or take a bit of a gamble.

A "conventional, conforming" loan (from Fannie Mae or Freddie Mac, if you recognize those names) have no prepayment penalty. 

Bottom line is that any consideration you receive for the property you sell represents gain and you'll recognize tax on the profit.