That's why it is so critical that the management of the project must be very familiar with tax credit requirements and have sufficient experience to be selected to administrate programs.

At the same time my "passive" cashflow would be accumulating through the leases and quantity of properties in my portfolio.

Depending on the stability of the purchaser you might want to consider carrying a small 5 to 10% sub-ordinate lien but keep in mind that they (seconds), aren't worth anything should the borrower decide not to pay.There's 100% financing availble for individuals having credit scores as low as 570 sub-prime and 95% LTV starting at 540 provided they possess sufficient tradelines.

Well, some of my tenants decided that the air conditioners weren't sufficient - never mind that thousands of us were suffering in the relentless heat and humidity and others were actually dying.

Implicit abandonment, means there are sufficient facts that any reasonable person would necessarily conclude the property owner has in fact abandoned his interest in the property.  

Is a simple real estate contract sufficient?

The liability and risk is just too great for an educated investor to undertake a rehab project without sufficient room for profit and for error.

Worth area is a futile move.Granted, a good percentage of people do it FSBO because they simply don't have sufficient equity in the property to cover the 6% Realtor fee's but, as I teach/preach in my classes...

If you are only making 30-40% on that investment through rentals, will it be enough to provide the fuel to grow your business sufficiently.

A carefully-thought-out financial plan for any considered propertyI've seen too many new business owners fail and lose everything because they really weren't financially prepared and organized when they opened the doors.Trying to jump into this without sufficient funds and without a good plan means you're dealing from a position of weakness.