Are they abiding by the lease terms, maintaining the rental, paying rent on time, etc?

And it maintains value on the balance sheet until it depreciates to zero (after which it still has actual residual value).

In light of the one ethnicity element, i sincerely advise that wherever and whoever it is, without question, know the community you are serving and understand how to establish and maintain a level of mutual respect.

What would you say the cost would be to setup and maintain this type of structure?

With someone without experience I would recommend buying a well maintained small multi family home 2-4 units in a solid A-B area. 

Also, the properties they manage, I am told are typically not well maintained. 

Below are a few ideas to think about.Appraisal Concerns: Include a clause in the counteroffer to address any potential gap if the appraisal comes in lower than the offer price.Closing Costs: If the requested $10k seems high, propose a lower amount or adjust the sale price to cover some of these costs.Escrow Deposit: Counter with a higher deposit to ensure buyer commitment.Financing Contingency: Make sure there's a clause that protects you if the buyer’s financing falls through.VA Requirements: Understand and prepare for the specific requirements and inspections associated with VA loans.Professional Advice: Consult with a real estate agent or legal professional for tailored advice.Communication: Maintain open communication with the buyers for a smooth negotiation process.Best of luck with your sale,KC

That's possibly 40 fans you have to maintain and the chances of several a year needing replacement are very high. 

I have to hold and maintain that property for years.

It is a great way to maintain consistency and have product instantly available.